Trading | 9 months ago
On Monday, European Union and United Kingdom have signed the terms over a trade deal. This trade deal will prevent the economic turmoil in the region. The agreement of the trade deal was unanimously approved by the members of European Union.
In the United States president Donald Trump has also issued a relief package including $2.3 trillion spending bill and $900 billion for COVID-19. This release package was issued specifically to prevent a partial government shutdown. Now that both the world's biggest financial center has prevented the partial shutdown, they both can focus on some of the big issues like COVID-19 vaccine distribution, growing the economy and restoring the jobs. This positive economic news is the reason to focus on EUR/USD currency pair.
If you analyze the EUR/USD currency pair on a daily timeframe, you will see the resistance at 1.2271. You can also see a support line at the price 1.1615. Price has maintained this support and resistance level from November till today. Price has been testing those levels
continuously but is not able to break that resistance and support. If your trade setup includes an RSI indicator you will see that there is an opportunity to buy and hold for a couple of days to capture some 100 pips at the price 1.2205. It is expected that EUR/USD pair will touch a new rise after the decline of 1.2200 level. many technical indicators like RSI and stochastic shows the signals of positive trades in upcoming sessions.
Due to so many factors we express our bullish overview on this currency pair. The expected trend for this currency pair is bullish. The expected trading range for this currency pair will be somewhere from 150 pips to 280 pips. You must have experienced that for the dollar not much has changed in recent weeks. So EUR/USD has the scope to roam between 1.2205 to 1.2500 going into next year. If you are new to the forex trading we suggest you to open an account on the site Trade Global Market and start trading this currency pair. EUR/USD is also the most traded currency pair in the world. Trade Global Market is a leading online trading brokerage specialized to provide individuals and organizations with services in international financial markets. It also offers extensive education and training services to International traders to help them understand the Currency market better. Trade Global Market offers round-the-clock trading with various currency pairs, as well as in Gold (Spot), Silver (Spot) and CFD as well as indices.
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