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Facebook Inc. (FB/NASD): general analysis 06 December 2019, 11:19

Facebook Inc. (FB/NASD): general analysis 06 December 2019, 11:19 Scenario Timeframe Intraday Recommendation SELL STOP ...

Dec 3, 2019

EUR/USD: general review 03 December 2019, 12:32


Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1067
Take Profit 1.0880
Stop Loss 1.1130
Key Levels 1.0800, 1.0880, 1.0925, 1.1090, 1.0960, 1.1040, 1.1055, 1.1120, 1.1175, 1.1200
Current trend
The euro against the US dollar continues to move within a wide downward channel. In early November, the pair twice tested the local maximum of 1.1175, which is the upper border of the channel. Failing to break it out, the instrument reversed down, having lost more than 150 points in a few days. At the end of November, the pair moved to the wide lateral consolidation, showing either an increase of 100 points or a sharp decline within this range. Yesterday's growth was due to the speech of the new ECB President Christine Lagarde, who expressed positive about the further development of the Eurozone economy.
At the end of the week, the dollar may be supported by labor market releases (including Nonfarm Payrolls), major indices, and the US trade balance.
Support and resistance
Today, the instrument is consolidating within a narrow range near a strong resistance level of 1.1090. It is likely that the pair will again go down from the current level with the target at 1.0960, and then to the local lows of 1.0880, 1.0800. Now the dollar continues to experience pressure amid weak macroeconomic statistics, but a transition to growth is expected.
Technical indicators on the D1 chart and above continue to give a strong sell signal: MACD indicates the preservation of the high volume of short positions, and Bollinger Bands are pointing downwards.
Support levels: 1.1055, 1.1040, 1.0995, 1.0960, 1.0925, 1.0880, 1.0800.
Resistance levels: 1.1090, 1.1120, 1.1175, 1.1200.


Trading tips
Short positions may be opened from the current level with the target at 1.0880 and stop-loss at 1.1130.

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