With the beginning of the European session on the morning of 01/12/2021, the euro dollar EUR / USD rate is at the level of 1.2160.
The EUR / USD quotes previously went beyond the boundaries of the ascending channel, and also broke through the Ichimoku cloud from top to bottom.
The signal lines of the Ichimoku indicator also show a medium-term downtrend, the fast blue line crossed the red slow one from top to bottom.
The support level for the euro rate will be located well below the level of 1.2070. Having reached which, we get a fairly high probability of a short-term rally upward.
The resistance level is the previously broken channel line at 1.2200, as well as the red line of the Ichimoku indicator (1.2250). Based on the technical analysis, we assume a short-term rollback to the support area, followed by a continuation of the fall in the EUR / USD currency pair.
Thus, the forecast for the eurodollar rate for January 12 suggests testing the resistance level of 1.2200 and a subsequent decline in quotations to the 1.2070 area.