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EUR/USD: limited bearish strength - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 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 dollar ended the day firmer against the common currency, with better-than-expected US data sending the pair below the 1.0900 mark in the American afternoon.

    Key Quotes:

    Personal income increased $44.4 billion, or 0.3%, in November, while personal consumption expenditures increased $40.1 billion, also a 0.3% advance according to the Bureau of Economic Analysis.

    "In the same month, Real PCE increased 0.3% percent, in contrast to a decrease of less than 0.1% in October. The core PCE, resulted at 1.3% matching the previous month reading. Also supporting the greenback and following a strong 2.9 gain in October, durable goods orders remained flat in November as core capital goods fell for the second straight month, beating expectations of a 0.7 decline. Finally, the University of Michigan’s measure of consumer sentiment rose to 92.6, a five-month high.

    Markets are expected to offer little this Thursday, with German markets closed and the US closing earlier ahead of the Christmas holidays that will keep most markets closed on Friday. Reduced, choppy trading is expected to extend into the new year, as the upcoming week will also saw an empty calendar and shortened 3-day week.

    In the meantime, the EUR/USD pair seems ready to extend its decline, given that the latest upward rally stalled around the 61.8% retracement of the December monthly decline. In the 4 hours chart, the price is now below a mild bullish 20 SMA, whilst the technical indicators have turned flat around their mid-lines, suggesting limited bearish strength at the time being."
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