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EUR/USD trims losses and climbs toward 1.0920

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - On a calm session, the US dollar lost strength versus the euro and pulled back. After bottoming at 1.0868, EUR/USD rebounded and rose to 1.0913. It was trading at 1.0900/05, almost 50 pips below yesterday’s closing price.

    The pair is falling after rising during three consecutive days. On a wider perspective it continues to move with a strong support around 1.0800 and resistance at 1.1050. As long as it remains within the mentioned range, consolidation is expected to prevail.

    EUR/USD ahead

    “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,” said Valeria Bednarik, Chief Analyst at FXStreet.

    According to her EUR/USD seems ready to extend its decline, taking into account that that the latest upward rally stalled around the 61.8% retracement of the December monthly decline.
    For more information, read our latest forex news.

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