How to Trade the EUR/USD Pair on December 20? Simple Tips

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The EUR/USD pair is trading around 1.0406, above 1/8 of Murray, and within the downtrend channel forming since November 29th.

Yesterday during the American session, the euro reached the low of 1.0325 and covered the gap that it had left on November 20th around 1.0417.

Since the euro is showing a slight recovery while consolidating above 1/8 of Murray, we could expect EUR/USD to reach 21 SMA located at 1.0465 and even climb to the 200 EMA located at 1.0576.

Since the market is showing signs of overselling, it is likely that the euro will consolidate above 1.03 and below 1.05 due to low liquidity at the end of the year.
Meanwhile, we will look for opportunities to buy within this range.

A sharp break and consolidation above the psychological level of 1.05 and above 2/8 Murray could mean a strong recovery.
Therefore, we expect the instrument to reach 4/8 Murray 1.0742 and even rebound to 1.0864.

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For Opening Long Positions on EUR/USD

The lack of significant statistics and attractive euro prices contributed to a decent upward correction in the EUR/USD pair during the first half of the day .
However, whether this trend will continue during the US session remains uncertain.

Several important date points are expected, which could renew demand for the dollar.
Initial jobless claims, Q3 GDP growth, and existing home sales will play a crucial role in determining the dollar's direction.

In case of strong statistics and a decline in the pair, a false breakout near 1.0391- support formed earlier today- would provide a good setup for increasing long positions aiming for a return to the 1.0423 level, which the pair has yet to break above. A breakout and retest of this range would confirm a proper entry point for buying with a target of 1.00454.
The ultimate target will be the 1.0482 high, where profits will be fixed.

If EUR/USD declines and there is no bullish activity near 1.0391, pressure on the pair will only increase, leading to larger drop.
In this case, i will enter long positions only after a false, breakout near the weekly low and support at 1.0351.
I plan to open immediate buy positions from 1.0308, targeting an intraday correction of 30-35 points.