EUR/USD - Week 1 - Pullback expected

In the last week of 2020, EUR/USD made a new top and ended the year with a new high. In our last analysis, we pointed out that we expect the price to start a bearish consolidation move in order to gather up more momentum for a bigger degree bullish move. We still expect a price devaluation to occur in the medium-term but at the moment the price is hovering around the trendline and if the price will eventually break through, we expect a push towards the 1.19 levels. Keep in mind that this week we can benefit from some volatility as Non-Farm Payrolls and unemployment rate data releases are just around the corner. Another important news event for this week that can have an impact on the US Dollar is the Wednesday FOMC Minutes.
Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.

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We will wait for a price consolidation which would be a nice confirmation for a weaker EUR in the next week.