EUR/USD overnight price analysis

Almost a quarter has elapsed from the ECB leadership laid a benchmark for the EUR/USD at 1.20 signaling that the European central bank does not want to see the pair above that level for fear it would damage the Eurozone’s economic recovery. Since then, the spot EUR/USD has fallen as far as 1.1603 but for most of November it had been edging higher as news of the vaccines related to the pandemic and stimulus from various central banks have raised hopes across the globe of an economic recovery next year. That in turn has prompted investors to shift out of the safe-haven greenback and into more risky assets including the Euro. In trading earlier today, the EUR/USD closed conveniently above 1.20 and has remained higher. We present a continuation trade idea here for the forex pair for the Asian & European sessions of Dec 1st into Dec 2nd.

Chart

This measurement below is a Fibonacci long extension.

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