EUR/USD: From Panic To Santa Rally? Why The Skies Are Clearing, 1.23 Is In Sight

Later in the day, the US releases final Gross Domestic Product figures for the third quarter, which will likely confirm the leap of 33.1% annualized.

Overall, there is room for recovery. 

EUR/USD Technical Analysis

Euro/dollar still has upside momentum on the four-hour chart and trades above the 50, 100, and 200 simple Moving Averages after a quick dip below the 50 SMA on Monday. The Relative Strength Index is below 70, outside overbought conditions.

All in all, bulls are in control.

Resistance awaits at the daily high of 1.2250, followed by the 2020 peak of 1.2272. Further above, round 1.23 is eyed.

Support is at the daily low of 1.2213, followed by 1.2175, a high point last week, and then by 1.2130 – a double bottom.

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