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EUR/USD: exhausted on the bid - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the common currency advanced against the greenback for a third day in-a-row, extending up to 1.0983, its highest in almost a week.

    Key Quotes:

    "The macroeconomic calendar was pretty busy as Germany released its CFK consumer confidence survey, finally up after 4 straight declines, while in the third quarter, import prices decreased by 3.5% in November 2015, less than expected and compared with the corresponding month of the preceding year."

    "The first round of US data was relatively positive, with the final revision of the US third quarter GDP resulting at 2.0%, and core personal consumption expenditure beating expectations."

    "Yet housing data was again a miss, as the US existing home sales dropped in November to the slowest pace in 19 month, falling by 10.5%, pushing the dollar further lower against the EUR."

    "The pair holds near its recent high and presents a short term positive tone, as in the 1 hour chart shows that the price rallied above its moving averages, with the 20 SMA maintaining its upward slope after extending above the 100 and 200 SMAs, although the technical indicators are giving sings of exhaustion in overbought territory.

    In the 4 hours chart, the latest candle has opened above the 61.8% retracement of the latest daily decline, while the price has also advanced beyond a now bullish 20 SMA, while the technical indicators are losing their upward strength above their mid-lines, in line with the shorter term outlook."
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