Elliott wave analysis of EUR/USD for December 18, 2020

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We have been following EUR/USD as an educational lesson through many weeks now. During this time, we have been focused towards the upside and we still are mainly focused towards the upside, but we are beginning to see clear weakness in the ongoing uptrend. The pivot point separating the uptrend from starting a more prolonged correction is seen at 1.2058 a break below this support will confirm the completion of the uptrend and the start of a correction towards 1.1610.

That said, we also need to keep our focused locked towards the upside as long as key-support at 1.2058 remains untouched. We are currently looking for resistance near 1.2300, which is likely to ignite a small correction 1.2130 and maybe slightly below before the final attach higher towards our target at 1.2453 to complete the ongoing uptrend since the 1.0623 low.

Remember that the trend and paitinece are your friends

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