Technical Analysis of EUR/USD for December 17, 2020

Technical Market Outlook:

The EUR/USD pair has broken above the supply zone located between the levels of 1.2154 - 1.2177 and made a new swing high at the level of 1.2235 (at the time of writing the article). The market is still moving inside of the short-term ascending channel and the next target for bulls is seen at the level of 1.2411. The nearest technical support is seen at the level of 1.2211. The strong and positive momentum supports the short-term bullish outlook for Euro. 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