EUR/USD: Small pull back expected before go higher high 1.2500$

Dollar Index Under Pressure sends EURUSD 32 Month High 1.2145.
Waiting for NFP data to see EURUSD go higher high 1.2340 & 1.2460 OR Coming back to support 1.1725

M.Ali Zah All My Pips

The EUR/USD pair has made another higher high at the level of 1.2138 it is on the way to the next target seen at the level of 1.270 - 1.2183. The nearest technical support is located at 1.2045. Nevertheless, the strong and positive momentum supports the short-term bullish outlook as the bulls are now in control of the market. The monthly candle for November is green and looks very bullish, so the market participants should expect the uptrend to continue in December.

Before Looking new higher high expecting some pullback downside support levels 1.1890, 1.1790$ and 1.1685$ weekly base.

Currently $index Pressure and looking Major support level 89.60$. Since the middle of March 2020, the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now the market is ready for another wave up.

SUPPORT/RESISTANCE

✅S1= 1.1800
✅S2=1.1610
✴️R1=1.2160
✴️R2=1.2345

Author

M.Ali Zah

All My Pips

M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.

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