Technical Analysis of EUR/USD for December 8, 2020

Technical Market Outlook:

The EUR/USD pair made a Shooting Star candlestick pattern around the level of 1.2163 and was pushed back into the acceleration channel. The local low wad made at the level of 1.2078, just below the intraday technical support seen at 1.2088. 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. Please notice, the momentum is now hovering around the neutral level of fifty and the market is coming of the overbought conditions.

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