Relevance up to 09:00 2021-12-27 UTC+00
The euro consolidated above the center of attraction of the current level at 1.1290 (monthly level + day Ichimoku cross) on the last day of the trading week, which resulted in the bulls having the advantage. Now, the main question is whether they will be able to maintain the situation by closing the week with the most optimistic mood in their favor. The consolidation highs (1.1383 – 1.1360) and resistance levels of various timeframes in the area of 1.1439-92 continue to serve as pivot points for the resumption of growth.
The bulls continue to have the advantage in the smaller timeframes, having the support of all analyzed technical instruments. If the rise continues, the intraday pivot points will be the resistance of the classic pivot levels 1.1351 – 1.1373 – 1.1403. On the other hand, a consolidation below the key levels, which are set at 1.1321 (central pivot level) and 1.1296 (weekly long-term trend), can change the current balance of power.
The bulls are close to fixing another pullback from the tested support levels (1.3164 – 1.3248) in the higher timeframes. A consolidation of the weekly result will allow us to hope that the monthly candle will also have a bullish mood since there will be only one trading week left until December ends. If a decline occurs, the levels of the daily cross (1.3376-35 – 1.3303 – 1.3295) can act as support. The levels of the Ichimoku weekly cross (1.3475 – 1.3496) and the daily cloud are now serving as upward pivot points.
The smaller timeframes are favoring the bulls who show an upward movement. However, they are currently in the downward correction zone and testing the strength of the first important support level – the central pivot level of the day (1.3394). The next key support level is located today at 1.3294 (weekly long-term trend), and then at 1.3352 (S1). If the upward trend is restored and the rise continues, the intraday upward targets will be the resistances of the classic pivot levels, which are located at 1.3445 – 1.3487 – 1.3538 today.
Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart, are used in the technical analysis of the trading instruments.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.