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Market Outlook
Forex Technical Analysis: EURUSD Heading for a Reversal?

Forex Technical Analysis: EURUSD Heading for a Reversal?

16-12-2021 10:10

ZFX – In today's analysis, we're touching on points concerning forex, indices, cryptocurrency (BTCUSD), and American Stocks (Pepsi). As a treat, we also include a trading idea at the end of the article that just might be a good insight for all you traders out there.

Every morning during the London session, we also bring you a technical analysis or outlook in the form of a video. Watch it here.

What Does It Look Like in the Pre-London Session Today?

Before you start trading, you must do at least a simple form of analysis of the market so that you are equipped with all the information you need to make the right decisions. As such, here's a summary of today's outlook (16/12/2021) brought to you by our ZFX Analysts:

XAUUSD Technical Analysis - Commodities

XAUUSD Technical Analysis
Graph taken from TradingView

XAUUSD (Gold) was shaken after last night's FOMC. After signaling tapering and increasing interest rates next year, USD appreciation is brought into a short-term space. However, as XAUUSD closed bullishly on the daily candle, it's showing that it's ready to rise towards the next resistance after faking out on the lower timeframe.

BTCUSD Technical Analysis - Cryptocurrency

BTCUSD Technical Analysis
Graph taken from TradingView

BTCUSD is very close to the key level and the trendline is leaning towards a potential reversal. On the H4 candle, we can see a bullish sentiment that's slowly going away, marked by a body from a bullish candle that's getting smaller and yesterday's H4 candle closed bearishly, fighting off the resistance area around 49,200. Now, Bitcoin might retest to a support area at 46,800.

Pepsi Technical Analysis - American Stocks

PEP Technical Analysis
Graph taken from TradingView

Pepsi stocks are currently exploding upwards! Passing the resistance area at 167, Pepsi looks to be in the clear to go further north as it's currently at its newest ATH. No one knows if Pepsi is going to retest or not but there is a big possibility that it will bounce in the 167 support area while holding back with the underlying uptrendline.

Trading Idea - EURUSD (Sell Stop)

EURUSD Technical Analysis
Graph taken from TradingView

Order: Sell Stop
Entry: 1.12790
Stop Loss: 1.3010
Target 1:  1.12575 (50% + BE)
Target 2: 1.12400 (25%)
Target 3: 1.12000 (25%)
Risk total: 1-2% Equity (Medium Risk Setup)
Reason: Bearish trend, Downtrendline, doji candle from H4, indicates a possibility for a EURUSD reversal that might push it down to the next support.


Disclaimer: Trading ideas by this website are provided as general market information for educational purposes. There is a risk of losing money in trading. Past performance is not necessarily indicative of future results.

Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.

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