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EUR/USD: Bulls struggling to extend beyond 1.0980

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The shared currency extends its gradual ascent against its American counterpart in the mid-European session, now taking EUR/USD to daily highs near 1.0980 region.

    EUR/USD testing Tuesday’s high at 1.0984

    Currently, the EUR/USD pair rises 0.15% to 1.0980, hovering close to fresh session highs reached at 1.0982 in last hours. The main currency pair is seen gathering pace for a decisive break above 1.0980 barrier in a bid to conquer 1.10 handle, although faces stiff resistance near the last as bears are seen guarding the fence amid thin trades.

    The major finds support from the negative sentiment on the European stocks, with the German benchmark, the DAX down -0.10% while the Euro Stoxx 50 drops -0.35% and the French CAC losing -0.37% so far. The UK markets remain closed on account of Boxing Day holiday.

    Nothing relevant in terms of economic news is expected to be reported for the EUR in the week ahead, hence, the focus remains on the US macro releases later this week. Meanwhile, low volumes and irregular volatility is likely to remain the underlying theme heading into next year.

    EUR/USD Technical Levels

    The pair attempts recovery and finds the immediate resistance is seen at 1.1000 region (round umber). A break beyond the last, doors will open for a test of 1.1021 (100-DMA). On the flip side, the immediate support at 1.0942 (daily low), below which 1.0914 (1h 200-SMA) could be tested.
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