Technical analysis of EUR/USD for December 8, 2020

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We have been following EUR/USD for a while now and has been looking for a rally towards the double bottom target 1.2167. This target has now been hit, but does that secure a top is in place and a decline should be expected? NO! the uptrend can continue higher towards the next upside target at 1.2300 and the ideal 1.2453 target.

Short-term support is seen at 1.2083 with long-term important support at 1.1934.

Remember that the trend and patience are your friends.

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