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This morning of the American session, the EUR / USD pair has rebounded after having made a technical correction to the support of 1.2130. It is trading with an upward momentum that may continue until covering the gap that it left at the opening of negotiations this week.
In the United States, Congress has finally reached an agreement on a tax relief worth 900,000 million dollars. The decision came after a long weekend of talks. Now it is in the final drafting phase. This data is provided that in the morning of the American session the US dollar will fall again and the euro is benefiting from the fall of the US currency(USDX).
On the technical level, you can see the 4-hour graph of the euro-dollar pair that is trading above 1.2130, an area of strong support. Many times the euro has not been able to break this level. Now it is with an upward momentum which we expect to continue until the resistance of 1.2552 (Friday's close).
It is important to verify that the eagle indicator is with a slight downward inclination, which most likely again points towards the 95 area of the overbought level. This fall of the euro-dollar pair may be a market correction since it was very overbought last week.
The statistics report of the market sentiment for this morning of December 21, shows that 66% of traders are selling the EUR/USD pair. We have not seen significant changes since last week, which is a sign that the euro could rise to levels of 1.23 in the short term.
We invite you to review our analysis of December 18 where we analyze this correction of the EUR/USD.
Trading tips for EUR/USD for December 21 – 22
Buy now at 1.2170 with take profit at 1.2207 (8/8 of Murray) and 1.2250, stop loss below 1.2130 (strong support)
Buy if the pair rebound around 1.2140/30 (strong support), with take profit at 1.2207 (8/8 of Murray) and 1.2250, stop loss below 1.2090.
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