EURUSD Price Analysis – December 17
The major European currency rose to a new 2020 high, surpassing 1.2220 during the London session, continuing its gains for four days in a row. A combination of supporting factors pushed the pair towards the 1.2200 marks, such as progress in stimulus talks and Brexit talks, which are responsible for the upbeat sentiment.
Key Levels
Resistance Levels: 1.2450, 1.2400, 1.2350
Support Levels: 1.2200, 1.2150, 1.2100
From a technical standpoint, the breakout of the horizontal resistance level of 1.2200 was seen as a new trigger for bullish traders. However, the technical indicators on the daily chart are already showing an overbought condition and may require some short-term consolidation or a moderate pullback before the next move up.
However, the pair still appears to be intent on continuing its bullish trajectory and targeting a retracement of the 1.2300 levels. Some follow-up buying should pave the way for additional gains, although momentum could stop at 1.2340-50.
The 4-hour chart shows that EURUSD is trading ahead of the moderately bullish 5 moving average, while the 13 moving average can act as a pivot in case of any correction. Technical indicators turned north and broke their middle lines. An ongoing bullish trend could target a 61.8% forecast from 1.0635 levels to 1.2011 levels from 1.1602 at 1.2350 levels next.
The break of the bullish flag on the 4-hour chart indicates the path of least resistance to the higher side. So far, a compelling break above 1.2250 is now in the range for this session. The currency pair is currently trading near the 1.2233 level, breaking through the 1.2200 level during the London session.
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 results
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