FX.co ★ EUR/USD analysis for December 15 2020 - First target reached at 1.2170 and potential for bigger rise towards 1.2400

French November EU normal CPI +0.2m/m vs +0.2% m/m expected

prior +0.2%

• y/y +0.2% vs 0.2% expected
• y/y prior +0.2%

French inflation remains flat. Deflationary pressure continue to dog the eurozone and this is a concern noted by the ECB. For now there is nothing to warrant any moves in the markets as focus is elsewhere - vaccine news, lockdowns, and Brexit.

Further Development

Analyzing the current trading chart of EUR/USD, I found that EUR/USD tested my first upside target at the price of 1,2170 and that is heading for the bigger upside breakout.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Ethanol and Lean Hogs today and on the bottom VIX and Orange Juice.

Key Levels:

Resistance: 1,2170 and 1,2400

Support levels: 1,2125