• EURUSD reversed from key support level 1.2070
• Likely to rise to 1.2215
EURUSD currency pair recently reversed up from the key support level 1.2070 (low of wave (iv) from the start of December) – standing near the lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse (1) from the start of November. If the pair closes today near the current levels it will form the daily Japanese candlesticks reversal pattern Morning Star – strong bullish signal for EURUSD currency pair.
Given the predominant uptrend affecting this currency pair and the strongly bearish USD sentiment in the anticipation of the larger stimulus in USA – EURUSD can be expected to rise further toward the next resistance level 1.2215 (top of the B-wave from the start of this month).