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EURUSD Weekly Technical Outlook | December 20, 2014

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EURUSD made its new low in 2014. It is now touching lower line of trendline in weekly chart. So this will be very critical support for this pair. In Daily chart, this pair is rejected from 45 EMA. It is now on bearish mode. But if we see on MACD, it is showing that this pair lose its bearish momentum. A bullish divergence is forming on this pair. This reversal pattern is forming on critical support.

So we should wait for bullish confirmation for taking buy entry. 1.2200 is good area for buy. From this support, we can take buy entry with little stop loss. Target will be 1.2300 and 2nd target will be 1.2360. On the other hand, if break critical support, then we can sell on this pair and target will be 1.2100 and then 1.2000.

Weekly Pivot, Support and Resistance

Resistance Two (R2): 1.2688

Resistance One (R1): 1.2458

Pivot Point: 1.2339

Support One (S1): 1.2109

Support Two (S2): 1.2000

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