While EUR went under pressure due to poor economic data in Eurozone, USD got empowered with the confirmation of Joe Biden as president.
The support rests at 1.20970 with resistance at 1.23240. The weekly pivot point at 1.22550 is located in between the lines. The EMA of 10 is moving with bearish bias in the short term descendant channel and it is above the EMA of 200 and below the EMA of 100. The Stochastic is moving in low ranges, the RSI is moving in oversold area and the ADX is showing sell signal. The MACD indicator is in negative territory.
EURUSD may find strong support around 1.21500; as long as the support line stays intact, long positions are recommended towards the middle Bollinger band at 1.22700.