Technical Analysis of EUR/USD for December 15, 2020

Technical Market Outlook:

The EUR/USD pair has bounced from the short-term trend line support around the level of 1.2060, so the trend line is still being recognized by the market participants and still provides the support. The bulls are still trying to break higher above the level of 1.2177, the previous swing high, but the last attempt has ended with a Bearish Engulfing pattern at the H4 time frame chart. The momentum is now strong and positive, so if the technical resistance located at the level of 1.2154 and 1.2163 is broken, EUR could rally higher towards the level of 1.2411. The larger time frame trend remains up.

Weekly Pivot Points:

WR3 - 1.2281

WR2 - 1.2233

WR1 - 1.2171

Weekly Pivot - 1.2118

WS1 - 1.2069

WS2 - 1.2005

WS3 - 1.1960

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1609. The key long-term technical resistance is seen at the level of 1.2555.

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