(DAILY NOTION) EUR/USD - Euro Moves Lower Against U.S. Dollar, Next Mover: Brexit Deal

Source: tradingview

The EUR/USD is trying to settle below the 1.2200 level. The worries on new Covid-19 strains lead U.S. dollar gain upside momentum as most of the European countries has closed its boarder for travelers, boosting the demand for the U.S. dollar.

EU will also release the December Consumer Confidence report for the EU Area. Analyst forecast that the Consumer Confidence report will increase from -17.6 to -16.8 but will remain under significant pressure from the second wave of the virus.

The EUR/USD is currently trading at 1.2210. The RSI indicator maintain its trend on the reading of 70 indicate that there is plenty of room to gain downside movement.

Analyst forecast that the EUR/USD will move towards the support level at 1.2125 if EUR/USD declines below the support level of 1.2155. On the other side, EUR/USD will gain upside momentum and move towards the next resistance level at 1.2250 if settles above the resistance level of 1.2220.

By looking at the FOLLOWME Overall Sentiment (As of 5:40 p.m.), the overall sentiment of FOLLOWME traders in the EUR/USD leans towards short-selling with a ratio of 57.54% while the rest of 42.26% is long position.