Weekly Technical Market Insight: 21st – 24th December 2020

Following the break of long-term trendline resistance (1.6038) in July, and subsequent break of supply from 1.1857/1.1352 in August, a modest correction surfaced. However, buyers making an entrance in November and December currently trading higher by 2.8 percent reasons additional upside may be on the horizon, with ascending resistance (prior support – 1.1641) perhaps targeted. The primary uptrend has been in play since price broke the 1.1714 high (Aug 2015) in July 2017. Daily timeframe: Daily activity, as you can see, squeezed through the upper perimeter of a descending wedge pattern (correction) between 1.2011 … (full story)

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