Analysis based on round-number levels, price channels and modified Elliot Waves
The overall trend is downward. A start fractal has formed below the 135 (EMA) moving average. Breaking through the start fractal will result in the formation of a 1-2-3 descending pattern. Awesome Oscillator shows a bearish divergence.
Friday, December 11th, today’s news—EU leaders approve a new stimulus package after Poland and Hungary lift their veto. European markets are down as the prospect of no-deal Brexit looms, the US markets are mixed with no progress in the fiscal stimulus talks, gold rises, vaccine optimism drives up the stocks …
The pair has formed a «descending flag» trend pattern and broke out of it. The weaker US dollar along with the coming ECB support measures for the European economy stimulate the pair's growth.
Technical side:
The price is located above the middle Bollinger band, above SMA 5 and SMA …
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