(DAILY NOTION) EUR/USD - Euro Remains Strong Ahead of the Weekend, Next Mover: Brexit & U.S. stimulus negotiations

Source: tradingview

EUR/USD is trying to settle above the resistance level at 1.2250. In line with the analyst estimate, the Euro Area inflation rate decrease by 0.3% y-o-y. The economy remains under pressure from the second wave of virus outbreak and there is no meaningful inflation in the EU.

The Forex traders will be waiting for news about Brexit negotiations which put some pressure on the British pound but had little or no impact to the EUR/USD. Forex traders will also be focus on the U.S. stimulus negotiations. Both Democrats and Republicans are close for a deal settlement but it may need some additional talks and time to work on the Covid-19 aid package.

The RSI indicator is currently at the overbought area. If EUR/USD will move towards the next resistance level at 1.2280, EUR/USD will settle above the1.2250 level. EUR/USD will move towards the resistance at 1.2360 if settles above 1.2330.

FOLLOWME Overall Sentiment (As of 5:10 p.m.)

As shown above, the overall sentiment of FOLLOWME traders in this symbol leans towards short-selling with a ratio of 64.43% while the rest of 35.57% is long position.