(DAILY NOTION) EUR/USD Attempt to Settle Above 1.2230, Next Mover: Brexit & U.S. Stimulus Package

EUR/USD currently settles above the nearest resistance level at 1.2230. As for today, there are no important economic reports released, forex market traders will be focusing on the general market mood.

U.S. President Donald Trump signed a massive Covid-19 relief bill as well as the government funding package into law, which favours the risk amid a light trading session in Asia. This decision may provide additional support to riskier assets and put more pressure on the U.S. dollar.

The recent Brexit deal and the new U.S. stimulus package may serve as bullish catalysts for EUR/USD, some traders are still on holiday, it remains to be seen whether the euro will be able to gain enough momentum at a time.

EUR/USD will move upsides and quickly get to the test of the next resistance level at 1.2250 if manage to settle above the 1.2230 level. On the support side, EUR/USD will gain downside momentum and head towards the next support at 1.2110 if the successful test on the nearest support level at 1.2175.

FOLLOWME EUR/USD Overall Sentiment (As of 06:50 p.m., Dec 28, 2020),

Short - 38.70%

Long - 61.30%