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Currency
by Seth Parker on December 17th, 2018

EURUSD Analysis – Strong pullback

Time to update you about the situation on the main pair on the market – EURUSD, which for the last time, was analyzed by our team on the 12th Dec. Back in that day, we were negative but still waiting for one confirmation – breakout of a major horizontal support:

eurusd chart

„That is a positive sign but just in a short-term. It looks like the sellers are determined and they should try the breakout one more time. The proper sell signal, will be triggered, when the price will close a day below the yellow area. As for now, that is just a hypothesis but may become a reality really soon. „

The breakout happened on the 14th of December and was pretty strong. At the end of the day and actually a week, buyers tried to deny that sell signal but the damage was done and the sell signal was triggered. Monday started with a continuation of that drop but we still can perceive it as a normal price action movement of a price testing the broken support as a closest resistance. In my opinion, as long as we stay below the red line connecting recent lower highs, the sentiment is negative and we should see a further slide.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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