The EUR / USD pair has broken the technical symmetric triangle pattern. Now the currency pair is trading above the 21 SMA which gives it a positive outlook for the next few days.
EUR / USD is expected to consolidate above the support of 1 / 8 Murray located at 1.1290 in the next few hours. If this support fails and breaks below this level, the the euro is likely to fall to 0/8 of Murray located at 1.1230.
The US Dollar Index (#USDX) is consolidating around 96.19 bouncing just above Murray's 3/8 located at 96.09. As long as the dollar settles above this support, its index is expected to carry on with its rise to 4/8 of Murray located at 96.87.
Due to the fact that the last two weeks of December the market volume will decrease and there will be little liquidity, we could expect a consolidation or a lateralization of the Euro.
The symmetrical triangle pattern offers a scenario that the euro will strengthen in the coming days with a target at the 200 EMA located at 1.1378. Consequently, EUR/USD is expected to trade above 1.1290. A daily close below this level would invalidate the signal.
The eagle indicator is giving a bullish signal after having been in the overbought period since December 3. Now it shows a positive signal which could favor the recovery of the euro.
Support and Resistance Levels for December 14 - 15, 2021
Resistance (3) 1.1377
Resistance (2) 1.1352
Resistance (1) 1.1321
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Support (1) 1.1285
Support (2) 1.1252
Support (3) 1.1226
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A trading tip for EUR/USD on December 14 - 15, 2021
Buy above 1.1291 (21 SMA) with take profit at 1.1352 (2/8) and 1.1378 (200 EMA), stop loss below 1.1255.
