Technical Analysis of EUR/USD for December 18, 2020

Technical Market Outlook:

The EUR/USD pair has broken above the ascending channel upper boundary line located around the level of 1.2151 and made a new swing high at the level of 1.2272 (at the time of writing the article). After the new high was made the pair has moved back inside of the short-term ascending channel during the pull-back, but 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