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EUR/USD rises for the third day in a row, approaches 1.1000

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The euro is consolidating gains versus the US dollar, rising for the third day in a row. During the American session a stronger euro pushed EUR/USD to 1.0984, reaching the highest level since last Wednesday.

    The pair is trading above the level it had before the decision of the Federal Reserve to raise rates. It has approached 1.1000 but the key level to break to open the doors for more gains continues to be the 1.1050/65 area where the 100 and 200-day MA currently stands. Currently trades at 1.0960/65, up 0.45% for the day.

    EUR/USD outlook

    The pair holds a bullish tone in the short-term after rebounding at the 20-day MA, but the upside remains limited by 1.1050. Price continues to move between 1.0800 and 1.1050 as it has been the case since early December following the decision of the European Central Bank to cut the deposit rate and to extended the duration of the purchase program. As long as it remains on the range, it is likely to continue to consolidate.

    For the month, EUR/USD is up almost 400 pips, having the best performance since April and recovering after posting in November, the lowest monthly close since 2002.
    For more information, read our latest forex news.

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