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EUR/USD hits fresh highs but remains limited under 1.0900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD printed a fresh daily high recently at 1.0902 but if failed to continue to rise above 1.0900 and pulled back modestly below. It was trading at 1.0890, 55 pips above the level it closed yesterday.

    EUR/USD technical outlook


    “The EUR/USD pair traded in the green for most of the day, with the EUR still on demand after the latest ECB decision. The short-term picture is bullish, despite the lack of momentum, as in the 1-hour chart, the price is above a bullish 20 SMA, while the technical indicators aim higher above their mid-lines”, said Valeria Bednarik, Chief Analysts at FXStreet.

    The euro is about to end the day higher against the US dollar after a 2-day correction. A consolidation on top of 1.0900 could give momentum to the pair. The next key levels above are a1.0980 (last week highs) and 1.1000 (psychological level).

    On the opposite direction, relevant support continues to be seen at 1.0820 and below at the 20-day MA that currently strands at 1.0700/10.
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