(DAILY NOTION) EUR/USD - Euro Trying to Break Key 1.22 Level, Next Mover: Brexit Negotiations Progress

Source: tradingview

EUR/USD is trading above the resistance level at 1.2220. The UK and EU made some progression according to the recent report. This progress would give advantage to the British pound but euro also get some support.

Yesterday, Europe provided PMI reports for both Manufacturing and Services PMI which jumped from 53.8 to 55.5 and 41.7 to 47.3 respectively. Both of the reports exceed analyst expectations. Traders will have the chance to look at the November inflation data today. Analyst expect that core inflation rate increase by 0.2% while the inflation rate grew by 03 % year over year.

The RSI is at the overbought area, it looks strong on the current momentum but increase in the risk of a pullback. EUR/USD is test the resistance level near 1.2220. The next resistance level is at 1.2250. This resistance level act as an obstacle on the way up for EUR/USD. If EUR/USD above this level, it will move toward the next resistance level at 1.22280.

FOLLOWME Overall Sentiment (As of 4:50 p.m.)

As shown above, the overall sentiment of FOLLOWME traders in this symbol leans towards short-selling with a ratio of 69.65% while the rest of 30.35% is long position.