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EUR/USD hovers around 23.6% Fibo

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the EUR strengthened in Asia, pushing the EUR/USD pair higher, but the gains are being capped around 1.0932 (23.6% of 1.1060-1.0517).

    Poised for a weekly gain

    The pair appears poised for a weekly gain as there is very no data/event today that could rattle the EUR. The trading volumes are likely to be thin on ahead of the Christmas day holiday tomorrow.

    At 1.0930, the pair appears jammed between 1.0940 (61.8% of Mar-Aug rally) and 1.0890 (38.2% of 1.1495-1.0517). Ahead in the day, the pair could track the movement in the European equity markets.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.0940 (61.8% of Mar-Aug rally), above which the pair could target 1.0984 (Dec 22 high). On the other hand, a break below 1.0890 (38.2% of 1.1495-1.0517) would expose strong support at 1.0805 (Dec 17 low).
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