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EUR/USD

Market Opportunities - 23/12/2020

23 December, 2020

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

EUR/USD weekly uptrend opportunity based On 1.00 Lot Calculation:

  • The US dollar could be expected to stay on the downside as the US Congress finally agreed on a stimulus package to help the US economy recover. The newest stimulus package will provide the US economy with around 900 billion dollars. In addition to that, the US Fed will continue to help the US economy by keep its benchmark interest rate near 0.00% until the end of 2023 along with monlthy bond purchases of up to 120 billion dollars.
  • The Euro, on the other hand, could be expected to stay on the upside as the European Central Bank decided to expand its stimulus programme by 500 billion euro, while the EU countries have finally agreed on a recovery covid-19 fund of 750 billion euro.
  • The Euro could be also expected to find support with expectations for a Brexit deal between the EU and the UK in the coming days.

EUR/USD, December 23, 2020
Current Price: 1.2200

EUR/USD

Weekly

Trend direction

UP

Resistance 3

1.2500

Resistance 2

1.2400

Resistance 1

1.2300

Support 1

1.2100

Support 2

1.2050

Support 3

1.2000

Example of calculation base on weekly trend direction for 1.00 Lot*

EUR/USD

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

3,000.00

2,000.00

1,000.00

-1,000.00

-1,500.00

-2,000.00

Profit or loss in €**

2,463.98

1,642.66

821.33

-821.33

-1,231.99

-1,642.66

Profit or loss in £**

2,234.80

1,489.87

744.93

-744.93

-1,117.40

-1,489.87

Profit or loss in C$**

3,864.00

2,576.00

1,288.00

-1,288.00

-1,932.00

-2,576.00

* 1.00 lot is equivalent of 100000 units
** Calculations for exchange rate used as of 14:30 (GMT) 23/12/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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