FX.co ★ EUR/USD analysis for December 08 2020 - Potetnial for the upside continuation and test of 1.2240

Latest data released by NFIB - 8 December 2020

• Prior 104.0

US small business optimism fell by the most in seven months, as the resurgence in the virus across the country is seen weighing on sentiment. Six of the ten sub-indexes declined last month and that points to some pessimism in business conditions overall.

The election outcome was also seen as a factor, with NFIB noting that "there was clearly a disappointment for some small business owners".

Further Development

Analyzing the current trading chart of EUR/USD, I found that there is the consolidation and symmetrical triangle in creation, which is sign that there is potential for the upside continuation.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Ethanol and Lumber today and on the bottom Lean Hogs and Palladium.

Key Levels:

Resistance: 1,1165 and 1,2240

Support level: 1,2080