EUR USD Technical Analysis 7 December 2020
EUR USD Technical Analysis: The EUR rose 0.21% against the USD on Friday and closed at 1.2120. Today in the Asian session, while EUR USD technical Analysis 7 December 2020 is preparing at 4:45 GMT, the pair is trading at 1.2087, which is 0.28% lower from yesterday’s closed.
The pair is expected to find support at 1.2070 and a fall through could take it to the next support level of 1.2040. The pair is expected to find its first resistance at 1.2135, and a rise through could take it to the next resistance level of 1.2170. Today’s expected trading range is between 1.2070 support and 1.2200 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1.2070
Support 2: 1.2040
Support 3: 1.2000
Important Important resistance levels:
Resistance 1: 1.2135
Resistance 2: 1.2170
Resistance 3: 1.2200
EUR/USD buying opportunity for intraday trading on December 7, 2020
Buy near the support zones 1.2070 and 1.2040 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
EUR/USD selling opportunity for intraday trading on December 7, 2020
Sell near the resistance zones 1.2135 and 1.2170 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.
Economic events to watch for the next 24 hours: Ivey PMI CAD).