EUR/USD And USD/CAD Forecast: Dec 21, 2020

EUR/USD could see profit-taking and consolidation can be expected, but the downside is likely to be limited without a sell signal. First support at 1.2220/10 could hold the downside again but a break lower meets support at 1.2180/70. Longs need stops below 1.2155. Next downside target & an excellent buying opportunity at 1.2125/15 with stops below 1.2100.

Minor resistance at 1.2265/75. If we continue higher look for 1.2290/1.2300. USDCAD holding above first support at 1.2750/40 retests minor resistance at 1.2785/95 (and in fact we topped exactly here on Friday) but above here targets 1.2840/50. Watch for a high for the day. A break higher however targets 1.2900/10 then strong resistance at 1.2940/60.

First support at 1.2750/40 but below 1.2730 risks a retest of last week’s low at 1.2695/85. A break lower always likely eventually in the bear trend targeting 1.2670/60 and 1.2630/20.

Trends

  • Weekly Outlook Neutral
  • Daily Outlook Neutral
  • Short Term Outlook Neutral

EUR Daily Chart

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