Forex Daily Outlook – December 11, 2018

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Published: Dec 11, 2018, 06:19 GMT+00:00

EUR/USD The Euro continues to witness a lot of selling pressure above the 1.14 level and on Monday's session, it pulled back significantly after reaching

EUR/USD

The Euro continues to witness a lot of selling pressure above the 1.14 level and on Monday’s session, it pulled back significantly after reaching the 1.1450 level above. The pair is likely to continue moving in a back and forth momentum with 1.13 level underneath will be a strong support base for the pair. At this point, rallies are going to be a nice selling opportunity in the pair until it succeeds to break above the 1.15 level. …Read More

GBP/USD

The GBP has broken the major support level at 1.27 level in the yesterday’s session, reaching down towards the 1.25 level. The sell-off was expected for quite some time in the market as due to negative Brexit developments and the government’s inability to pass through the parliament. Rallies will continue to be a nice selling opportunity with 1.22 level as the next target for the market. …Read More

AUD/USD

The AUD hovered just above its important support level at 0.72 level in the yesterday’s session as a lot of headlines crossing the market suggesting US and China struggle on inking any trade pacts. Because of this, the market is likely to break towards the 0.70 level which is a massive support, while 0.75 level above is resistance. …Read More

USD/JPY

The USD fell through yesterday’s session, reaching down to the 113 level, and also hugging the uptrend line underneath. The 200 Day EMA line underneath is also offering strong support and if it breaks below, it will be hugely negative and could pull back towards the 112 level. The 114 level above continues to massively resistive and will be difficult for the market to cross above. …Read More

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.