Technical Analysis: EURUSD eyes 1.2300 amid Brexit, US stimulus
With the recently upbeat markets, amid hopes of a Brexit deal and the US coronavirus (COVID-19) aid package, EURUSD is up for grabs ahead of Christmas. While the key fundamental events are yet to be announced, no major negatives are likely to erupt, which in turn cuts the US dollar’s safe-haven demand. Technically, the currency major’s ability to stay past the two-week-old rising trend line keeps the buyers hopeful. As a result, EURUSD is readying another battle with the weekly resistance line around 1.2230. However, a successful break of which might not refrain from crossing the monthly peak near 1.2270 to aim the 1.2300 round-figure.
Meanwhile, a downside break of the stated support line, at 1.2150 now, will have another back-up in the form of an ascending trend line from December 02, currently around 1.2100. Should EURUSD bears manage to conquer 1.2100, 200-SMA near 1.2010 and the 1.2000 psychological magnet will gain market attention. Overall, the bulls are set to question the early 2018 highs until the EURUSD prices drop below the August month’s peak of 1.2010.
Meanwhile, a downside break of the stated support line, at 1.2150 now, will have another back-up in the form of an ascending trend line from December 02, currently around 1.2100. Should EURUSD bears manage to conquer 1.2100, 200-SMA near 1.2010 and the 1.2000 psychological magnet will gain market attention. Overall, the bulls are set to question the early 2018 highs until the EURUSD prices drop below the August month’s peak of 1.2010.