FX.co ★ December 22, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Recently, the EURUSD pair was trapped below the previous key-level (1.2000) until bullish breakout occured to the upside.

Further quick bullish advancement was expressed towards 1.2150 just as expected after failing to find sufficient bearish pressure at retesting of the backside of the broken channel around 1.1950-1.1970 which corresponds roughly to Fibonacci Level of 0% at 1.2000.

Recently, the pair lookedoverbought while approaching the price levels of 1.2250 (138% Fibonacci Level).

Although there is nothing to prevent further bullish advancement towards 1.2330, conservative traders should be looking for low risk trades around lower price levels.

Bearish closure and persistence below 1.2160 then 1.2000 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 with the price level around 1.2000-1.1975 arcting as a solid Demand Zone to offer bullish SUPPORT for the EURUSD pair.