The euro currency is testing the 1.2100 level against the US dollar as bearish Brexit headlines start to weigh on the single currency. The beginning of the week features the ECB’s decision and the potential first approval of a US COVID-19 vaccine. Weak NFP have raised hopes for a stimulus package.


The euro/dollar is already some 80-100 pips away from the 32-month highs, and the upside momentum on the four-hour chart has faded. However, EUR/USD it is still holding above a month old ascending trendline.

The Relative Strength Index is far from oversold conditions. All in all, bulls are making some pullback move but sellers are still in play. Next support awaits at 1.2080 which resisted EUR/USD last week. It is followed by 1.2040 which coincides with the support of a month old trendline and the psychological round figure mark of 1.200.

Resistance is found at the 1.2175 swing high of the multi-year peak. Failure to hold the pair under the 1.200 level could cause the EUR/USD pair to set a new multi-year high around the 1.2250 -1.2280 area.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.