FX.co ★ Trading plan for EURUSD for December 21, 2021

Technical outlook:

EURUSD is resuming higher again after dropping through 1.1235 mark last Friday. The single currency pair has printed an intraday high around 1.1302 levels in the past hour as bulls remain inclined to push through 1.1315-20 today. Ideally prices should now stay above 1.1222 mark and push higher through 1.1600-1.1700 levels in the next few weeks.

EURUSD has carved a recent upswing between 1.1186 and 1.1383 early this month. Further, prices have retraced the entire rally to fibonacci 0.786 levels around 1.1222 mark. The sideways movement looks complete now and a push above 1.1350 interim resistance will confirm that bulls are back in control. A break out would lead through 1.1500 and 1.1700 mark very quickly.

EURUSD is still not out of woods as bulls need to break above 1.1690 going forward. Please note that trend line resistance is also passing through 1.1500 region and might offer good resistance. Only a clear break higher will confirm that the trend has potentially turned higher.

Trading plan:

Potential rally through 1.1500 and 1.1700 against 1.1150.

Good luck!