Technical Analysis of EUR/USD for December 7, 2020

Technical Market Outlook:

The EUR/USD pair has broken out from the acceleration channel to hit the level of 1.2163 (high at 1.2174), but since then the pair had been moving sideways. The volatility at the beginning of the trading week is low and the EUR/USD pair trades around the level of 1.2126, still above the upper acceleration channel line. Any violation of this line and move back to the channel will be considered as corrective. Any violation of the lower acceleration channel line will be bearish, so the market participants should keep an eye on the level of 1.2000 again. The nearest technical support is located at the level of 1.2088.

Weekly Pivot Points:

WR3 - 1.2496

WR2 - 1.2335

WR1 - 1.2244

Weekly Pivot - 1.2088

WS1 - 1.1996

WS2 - 1.1828

WS3 - 1.1738

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