EUR/USD ends the week higher

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The euro managed to post weekly gains versus the US dollar in a holiday-shortened week although it has remained limited below the 1.10 mark.

    The greenback benefited temporarily from supportive economic data (durable goods orders, initial jobless claims), but failed to reverse losses against the shared currency, with EUR/USD ending around 1.0950, up 100 pips, or 0.92%, since Monday.

    Last week, the Federal Reserve decided to raise rates for first time in almost a decade, which had been widely expected and had lifted the greenback to multi-month highs versus most competitors in the lead up to the historic meeting. With only three trading days ahead, EUR/USD is on track to close 2016 over 8% down.

    EUR/USD levels to watch

    As for technical levels, short-term supports are seen at 1.0875 (50-day SMA), 1.0795 (Dec 7 low), 1.0700 (psychological level) and 1.0635 (Dec 1 & 2 highs). On the flip side, next resistances could be found at 1.1010 (Dec 10 high), the 1.1055-66 area (100-day SMA/50-week SMA) and then 1.1095 (Oct 28 high).
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