EUR/USD is weighed down by the prospects of the EU becoming the epicentre of the new covid variant, Omicron. At the time of writing, But still within the range of 1.1250-1.1350. Now, EUR/USD is trading at 1.1277.
=> Buying will be a reasonable strategy if the price is still above the 1.1200 area. The barrier of weekly resistance around 1.1320 - 1.1350 is still quite solid, a break through will lead to the next resistance areas 1.1360 and 1.1430.
=> Stronger decline can be expected on break below 1.12 support towards 1.1165 target. Besides, in the long term, the EU's downtrend is still quite strong, so the resistance areas are still good price zones for the sellers.
=> Buying will be a reasonable strategy if the price is still above the 1.1200 area. The barrier of weekly resistance around 1.1320 - 1.1350 is still quite solid, a break through will lead to the next resistance areas 1.1360 and 1.1430.
=> Stronger decline can be expected on break below 1.12 support towards 1.1165 target. Besides, in the long term, the EU's downtrend is still quite strong, so the resistance areas are still good price zones for the sellers.