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Technical Analysis of EUR/USD for December 31, 2020

Technical Market Outlook:

The EUR/USD pair has broken above the last swing high located at the level of 1.2272 and made a new swing high at the level of 1.2309 (at the time of writing the article). Nevertheless, the Broadening Wedge price pattern is still in progress, so please notice that this particular pattern is a trend reversal pattern, which indicates a possible correction on the Euro market soon. For now, the zone located between the levels of 1.2154 - 1.2177 remains the key demand zone for bulls. The positive momentum supports the short-term bullish outlook as long as the demand zone is not clearly violated. The next target for bulls is seen at the level of 1.2555, but due to the overbought market conditions we might see some corrective move first.

Weekly Pivot Points:

WR3 - 1.2368

WR2 - 1.2314

WR1 - 1.2240

Weekly Pivot - 1.2185

WS1 - 1.2118

WS2 - 1.2062

WS3 - 1.1987

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.


The material has been provided by InstaForex Company -