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Market review 29 December 2020

29 December 2020

EUR/USD Daily Forecast – Another Test Of Resistance At 1.2250

EUR/USD managed to settle above the resistance at 1.2220 and is trying to get above the next resistance at 1.2250.

Technical Analysis

EUR/USD managed to get above the resistance at 1.2220 and is trying to settle above the next resistance level at 1.2250. RSI is getting closer to the overbought territory but there is still plenty of room to gain additional momentum in case the right catalysts emerge.

The resistance level at 1.2250 has been tested many times in December and remained a major obstacle on the way up for EUR/USD. If EUR/USD manages to settle above the resistance at 1.2250, it will move towards the next resistance level which is located near December highs at 1.2280.

This time, EUR/USD will have better chances to get above the resistance at 1.2280. In case EUR/USD settles above the resistance at 1.2280, it will head towards the next resistance at 1.2325 although it may also face some resistance at 1.2300.

EUR/USD has not visited this territory for several years so it remains to be seen whether previous levels will be relevant for today’s trading.

On the support side, the previous resistance at 1.2220 will likely serve as the first support level for EUR/USD. A move below this level will push EUR/USD towards the support at 1.2175. The next support level is located at the 20 EMA at 1.2165 so EUR/USD will likely get strong support in the 1.2165 – 1.2175 area.

NZD/USD Forex Technical Analysis – .7087 Pivot Controlling Direction

The early price action suggests the direction of the NZD/USD on Tuesday will be determined by trader reaction to the pivot at .7087.

Daily Swing Chart Technical Forecast

The early price action suggests the direction of the NZD/USD on Tuesday will be determined by trader reaction to the pivot at .7087.

Bullish Scenario

A sustained move over .7087 will indicate the presence of buyers with the next upside target the main top at .7171.

Bearish Scenario

A sustained move under .7087 will signal the presence of sellers. If this move creates enough downside momentum, we could see an eventual test of the minor bottom at .7003.

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