Forecast for EUR/USD on December 15, 2020

EUR/USD

On Monday, the euro tested the resistance of 1.2175 - the peak on December 3, afterwards it slightly retreated. This morning the price is trying to rise again, showing an intention to overcome this resistance and reach the target level of 1.2230. If this happens, then the price divergence with the Marlin oscillator will form and the probability of a price reversal will increase even higher than it is at the moment. If we assume a price reversal from the current levels, then its consolidation will take place after the price falls below the price channel line in the 1.2040 area.

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The four-hour chart shows that the price could not overcome the support of the MACD line (it only punctured it for a short time), the Marlin oscillator lies in the horizon. The first thing the price should do to develop a decline is to settle below the MACD line, below yesterday's low at 1.2123. Surpassing 1.2175 will make it possible for the price to reach the nearest target level of 1.2230.

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The material has been provided by InstaForex Company - www.instaforex.com