EURUSD Technical Analysis Report 16 December, 2020

  • EURUSD broke resistance level 1.2165
  • Likely to rise to 1.2300

EURUSD continues to rise after the pair broke above the multi-day resistance level 1.2165 (which reversed the price multiple times from the start of December). The breakout of the resistance level 1.2165 should accelerate the already strong upward impulse wave 5 – which belongs to the medium-term upward impulse sequence (3) from the start of November. The price is currently moving inside the accelerated up channel – adding to the probability of further gains for the pair.

Given the predominant uptrend, the latest release of the Strong euro zone survey figures and the hopes of progress in the on-going Brexit negotiations  – EURUSD is expected to rise further toward the next resistance level 1.2300 (target price for the completion of the active impulse wave 5).

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