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EUR/USD back to square one ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD continues to go through a consolidation phase, trading within familiar ranges below 1.1000 and mirroring yesterday’s moves.

    EUR/USD edged higher during the European session but upside momentum faltered just a few pips ahead of the 1.1000 level, sending the pair back to the lower side of its range as the dollar recovered ground across the board. Having oscillated within 1.0960 and 1.0990, EUR/USD is currently trading at 1.0971, virtually unchanged since opening.

    Focus now turns to US data, including S&P/Case-Shiller home price index and the consumer confidence index. Trading volumes are expected to remain thin ahead of the New Year holiday which could result in exaggerated moves.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0920 (10-day SMA), 1.0860 (50-day SMA), 1.0795 (Dec 7 low) and then 1.0700 (psychological level). On the other hand, next resistances line up at 1.1010 (Dec 10 high) and 1.1055 (100-day SMA/50-week SMA) followed by 1.1095 (Oct 28 high).
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