Relevance up to 19:00 2020-12-16 UTC+3
Recently, the EURUSD pair has failed to find sufficient bearish pressure at retesting of the backside of the broken channel around 1.1950-1.1970.
The EURUSD pair was trapped between below the previous key-level (1.1950) until bullish breakout occured to the upside. Further quick bullish advancement was expressed towards 1.2150 as expected.
Currently, the pair looks overbought while expressing some sort of double-top reversal pattern. Bearish closure and persistence below 1.2050 then 1.1950 is needed to abort the ongoing bullish momentum to initiate a bearish movement at least towards 1.1860 and 1.1770.
Otherwise, the intermediate-outlook for the pair remains bullish.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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