EURUSD Looking for Support to Move Above $1.21793

by Dec 12, 2020Setups

EURUSD Outlook

EURUSD chart analysis

 

EURUSD chart shows the price behaviour in the previous week. What is visible is the price pullback from $1.21793 to $1.20800 which is the first support level.

It is the first support level after breaking outside of the uptrend channel. The $1.20800 level is a confluence of support so it is not that odd to see the price stopping falling down.

When reaching support level the price bounced back up with a strong bullish candle. Friday took the price down next to uptrend channel resistance which now acts as a support. The fall of the price on Friday we can count as traders moving out from the market and taking their profits.

EURUSD Daily Forecast 12_12_2020

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EURUSD Chart Forecast

The daily close of Thursday candle was not above previous daily candles close, $1.21430 level, which is now an important resistance level to break in order to continue moving up.

Second resistance level is previous horizontal resistance $1.21793 which must be broken with daily close above that level in order to see price moving further to $1.22845.

These three levels are now important resistance levels which must be broken to see the price reaching $1.25000.

I am bullish oriented for now until the price is above $1.20000 and until the price reaches $1.25000.

Entry EURUSD: If you want to see how to play this scenario join G-Trader

If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis

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The Forex market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.

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Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.

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