Technical Analysis of EUR/USD for December 2, 2020

Technical Market Outlook:

The EUR/USD pair hit the level of 1.2067, but the market made a Doji candlestick pattern at the top of the move, so the pull-back might be just around the corner. The nearest technical support is located at 1.2000. nevertheless, the strong and positive momentum supports the short-term bullish outlook and the next target for bulls is seen at the level of 1.2089 and 1.2100. The monthly candle for November is green and looks very bullish, so the market participants should expect the up trend to continue in December.

Weekly Pivot Points:

WR3 - 1.2206

WR2 - 1.2083

WR1 - 1.2043

Weekly Pivot - 1.1921

WS1 - 1.1871

WS2 - 1.1758

WS3 - 1.1714

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave 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 1.1445. 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