EURUSD near support zone

28 December 2020

EURUSD has been trading in a higher top higher bottom formation suggesting the trend to be positive in the near term, further it is also trading above the 20-day SMA supporting the above observation. The pair has made a long legged hammer on 21st December, the low of which has been protected indicating that the currency has ended the organic correction and is likely to continue its trend higher. It would be prudent to say that the currency pair could advance towards 1.2250 and 1.2275 if it sustains above 1.2200.

Prepared by
Technical Analysis Team

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