December 31, 2020 : EUR/USD daily technical review and trade recommendations.

By the end of November, Signs of BUYING Pressure have been initiated around the depicted price zone of 1.1800-1.1840.Shortly after, the EUR/USD pair has demonstrated a quick upside movement.

The pair has targeted the price levels around 1.1990 initially which exerted considerable bearish pressure bringing the pair back towards 1.1920 which constituted a temporary KEY-Zone for the EUR/USD pair.

That’s why, another episode of upside movement was expressed towards 1.2160 where a false breakout above the price level of 1.2200 was regarded as a considerable bearish reversal signal.

Two weeks ago, a short-term reversal pattern has been demonstrated around 1.2265. Intraday downside retracement to the downside was expected to occur.Bearish closure below the mentioned price zone of 1.2200 – 1.2170 was needed to turn the intermediate outlook for the pair into bearish and enhance a quick bearish decline towards 1.2040 then 1.1920.

However, the EUR/USD pair has failed to pursue towards lower price levels. Instead, the pair is currently spiking above the depicted Weekly HIGH around 1.2270.

Trade Recommendations :-

Conservative traders are advised to look for SELL Positions around higher price levels near 1.2270-1.2290. Exit level should be placed above 1.2300. Target levels should be located around 1.2200, 1.2170 then 1.2120.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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