EURUSD Edges Toward Prior Daily Highs in the Territory of 1.2150 Level

EURUSD Edges Toward Prior Daily Highs in the Territory of 1.2150 Level

EURUSD Price Analysis – December 11

EURUSD continues its upward movement with decent gains, approaching the previous daily highs in the area of the 1.2150 level. The pair recorded a high at 1.2143 during the exit of the American session and after all the events at the ECB. The European Central Bank (ECB) has added € 500 billion to quantitative easing and will launch the program in 2022.

Key Levels
Resistance Levels: 1.2350, 1.2200, 1.2150
Support Levels: 1.2040, 1.1920, 1.1800
EURUSD Long-term Trend: Bullish
EURUSD ended Thursday with a bullish bias, but is still in the recent range and capped at 1.2150. The longer it takes to break through the 1.2150 level, the more likely a bearish correction could gain momentum. From a technical point of view, EURUSD continues to consolidate amid growing volatility.

On the other hand, the 1.2150/1.2200 area continues to act as critical resistance. A break above would test the recent top at 1.2177. On the other hand, 1.2070 is a level to consider as the daily close below will clear the way for more downside for the EURUSD pair.
EURUSD Short term Trend: Bullish
The technical indicators on the 4-hour chart are displaced upwards, although they are not overbought yet, but do not show much strength and indicate further consolidation. A slide below 1.2100 could likely expose 1.2070 near temporary support.

EURUSD is still consolidating from 1.2177 and intraday bias remains initially neutral. In the case of another rollback, the fall may be limited by the support level of 1.2011, which will lead to new growth. On the other hand, a break of the 1.2177 level could lead to a 61.8% forecast of 1.0635 to 1.2011 levels from 1.1602 at the next 1.2350 levels.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.