New lockdowns imposed in the Euro area have momentarily frightened the markets, pushing the Euro down to 1.1628. If history repeats itself we can hypothesize a slightly volatile downward trend like after the head and shoulders formed between the end of July and the end of October 2017 below the same resistance at 1.20, at least until the US elections in November. The hope is a new phase of volatility that will allow us to identify the correct direction of the trend for 2021. In the event of a USD weakening, the most important test remains breaking the trendline, otherwise below 1.144 we can prepare for a further strengthening of the american currency.