Major currencies in the market mostly rebounded to record gains against the US dollar before trading ends in 2020.
The euro also did not miss the opportunity to continue to rise to the latest highs even though the European currency was previously burdened by an increase in cases of alarming Covid-19 infection in Germany in particular.
However, the price chart on the EUR / USD pair sees the price continue to rise yesterday to the level of 1.23000.
The highest level reached since April 2018 was driven by positive sentiment of the US economic stimulus package which weakened the US dollar.
In addition to the distribution of vaccines, investors are also confident that after Joe Biden takes office in January 2021, stimulus measures will be intensified and will push the US dollar further into depreciation.
The price trend on the EUR / USD chart still indicates that the price will rise higher after exceeding the focus level of 1.23000.
But beware if there is a price drop again. A drop below the Moving Average 50 (MA50) support level in the 1 hour time frame of the price movement will signal a bearish trend change.
The price decline will test the RBS zone (resistance become support) at 1.22500 before heading to the lower RBS zone at 1.21800.
