(DAILY NOTION) EUR/USD Rebound After Recent Sell-Off, Possible Move to 1.2300, Next Mover: Upcoming Run-Off Election in Georgia

Illustration photo of EUR/USD daily chart from Tradingview

EUR/USD is currently trading at around 1.2280, trying to settles above 1.2300 and hovering near its April 2018 high.

Due to the U.S. dollar weakness, EUR/USD pair is rising and gain upside movement. The U.S. dollar index has dropped by more than 0.25% as reported by the Financial Times. As the number of coronavirus increases, more and more EU member states are preparing to extend lockdowns. Besides that, investors will be focus on the EU and US manufacturing data as well as the upcoming run-off election in Georgia.

It is possible to gain additional momentum in the short-term in case the right catalysts emerge as the RSI indicator recently declines back to the moderate territory. As reported by Vladimir Zernov, He pointed out that EUR/USD will move towards the next resistance level at 1.2310 if it gets above the resistance level at 1.2280. EUR/USD will be pushed towards the next resistance level at 1.2325 if head toward 1.2310.

On the support side, he pointed out that the resistance level at 1.2220 will serve as the support level of EUR/USD. EUR/USD will move towards the next support level at 1.2195 if declines below the 1.2220 level.

FOLLOWME EUR/USD Overall Sentiment (As of 05:50 p.m., Jan 04, 2021),

Short - 31.97%

Long - 68.03%

For information please refer to Vladimir Zernov.