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EUR/USD listless around 1.0930 in thin markets

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair continues to trade directionless in an absolutely quiet Asia on the back of dry liquidity as the major Asian markets are closed on account of New Year’s Eve (NYE) celebrations.

    EUR/USD holds 1.09 barrier

    Currently, the EUR/USD pair trades almost unchanged at 1.0934, clinging on 1.0920 static support seen this session. The shared currency attempts a minor-recovery from a dip to hourly 200-SMA support placed at 1.0920 levels, although lacks further upside momentum on low volumes heading towards the year end.

    In the day head, the major will continue to track the oil price action while markets remain expectant of the last set of US macro news this year until next week’s FOMC minutes and payrolls data. More so, trading volumes are expected to remain low as most major European markets are closed in the lead up to the New Year.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance is seen at 1.0946 region (5-DMA). A break beyond the last, doors will open for a test of 1.1000 (round number). On the flip side, the immediate support is placed at 1.0921 (1h 200-SMA), below which 1.0902 (Dec 30 Low) could be tested.
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