EURUSD Sustains Upside Bias Near 2020 Highs at 1.2177 Level With Room for Further Advance

EURUSD Price Analysis – December 15

EURUSD buyers continued with a long position while building on the gains of the prior two weeks which leaves an upside bias on the longer-term projections. The pair sustains upside bias near 2020 highs at 1.2177 level trading presently at 1.2144 level, as Brexit’s optimism weighed on the dollar’s demand throughout the first half of the day.

Key Levels
Resistance Levels: 1.2350, 1.2200, 1.2150
Support Levels: 1.2100, 1.2040, 1.1920
EURUSD Long term Trend: Bullish
The daily time frame indicates the EURUSD pair consolidating gains well beyond the 1.2100 threshold, which limits anticipated bearish prospects. As observed, there is no scope of a downside correction until the recently formed support is breached at 1.2100 and 1.2040 levels.

In the larger context, the advance from the 1.0635 level is seen as the third phase of the trend from the 1.0339 level. A continuous rally may be seen to cluster resistance level at 1.2200 level next. This may stay as the considered scenario as long as the 1.1602 support level holds intact.
EURUSD Short term Trend: Ranging
The 4-hour chart implies that the pair met buyers around a flat moving average of 13, which provides dynamic support around the 1.2140 level. Nonetheless, technical indicators have lost their bullish strength but stay within positive levels, reflecting the latest decline instead of anticipating further declines ahead.

The intraday bias in EURUSD stays neutral at this point. In the case of another retreat, the downside may be limited by the 1.2011 support level to usher in another increase. On the upside, the breach of 1.2177 level may restart a total increase from 1.0635 level, and aim for a 61.8% forecast of 1.0635 to 1.2011 levels from 1.1602 at 1.2350 level next.

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