The EURUSD pair has been rising for the last five trading days. The prospect of a coronavirus vaccine and a global economic recovery have forced investors out of safe-haven investments such as the US dollar. The positive news has encouraged them to find riskier assets, such as "value" stocks, which have been hit hard by the global downturn. ECB President Christine Lagarde said last week that the central bank would expand its pandemic emergency bond-buying programme to more than €640 billion. The euro strengthened, but surprisingly did not rise much on the good news, according to many analysts.
On the daily chart, the price has been moving sideways since July and can't decide which way to go. On the weekly chart, the pair is trading above the 50-period moving average and has managed to rise considerably since the beginning of the year. In order to sustain this uptrend in the long term, the price would have to break through the resistance level (A) of 1.1960 - 1.2010, which would clear the way for the next level around 1.2200. If price were to fall below the previous low of 1.1745, it could test the support level of 1.1670 - 1.1600 (B). Further weakness in the euro could cause the price to fall to a lower level around 1.1460 - 1.1370 (C).