FX.co ★ December 17, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Recently, the EURUSD pair has failed to find sufficient bearish pressure at retesting of the backside of the broken channel around 1.1950-1.1970.

The EURUSD pair was trapped between below the previous key-level (1.1950) until bullish breakout occured to the upside. Further quick bullish advancement was expressed towards 1.2150 as expected.

Currently, the pair looks overbought while expressing some sort of double-top reversal pattern. Bearish closure and persistence below 1.2050 then 1.1950 is needed to abort the ongoing bullish momentum to initiate a bearish movement at least towards 1.1860 and 1.1770.

Otherwise, the intermediate-outlook for the pair remains bullish initially towards 1.2250 and 1.2300.