FX.co ★ EUR/USD analysis for December 16 2020 - Bull flag in creation on 30M time-frame and potential for test of 1.2250

Eurozone October trade balance €25.9 billion vs €24.0 billion prior

Latest data released by Eurostat - 16 December 2020

• Prior €24.0 billion; revised to €23.7 billion

Exports were higher by 2.1% m/m while imports were higher by 1.0% m/m, leading to the higher trade surplus in October. Trade conditions continue to improve but are still seen below pre-virus levels as we look towards the year-end.

Further Development

Analyzing the current trading chart of EUR/USD, I found that the buyers are in control and that we got mark up phase today.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got VIX and Ethanol today and on the bottom CAD and Natural Gas.

Key Levels:

Resistance: 1,2250 and 1,2300.

Support level: 1,2175