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US dollar taking charge of EUR/USD

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - EUR/USD is currently trading at 1.0976 with a high of 1.0998 and a low of 1.0967.

    EUR/USD has been offered while news over the weekend in the French exit polls sees the Nation Front victims of a collusion of the establishment.

    Meanwhile, the greenback is taking control at the start of this week across the board and we are testing the 20 SMA on the hourly chart on a week that could be volatile given the FOMC meeting where a rate hike is expected from the Fed while markets will start to adjust to the subsequent expectations in the Fed's policy to a continuation towards normalizing interest rates while keeping close watch on the ECB in 2016.

    EUR/USD levels

    Technically, the pair trades around the 50% retracement of the 1.1494/1.0505 monthly decline, as noted by Valeria Bednarik, chief analyst at FXStreet. "The 100 and 200 SMAs offer resistance in the 1.1060/80, and a break above it is required to confirm a more constructive tone. Shorter term, the 4 hours chart shows that the pair has been finding support in a bullish 20 SMA, although the technical indicators have lost their upward strength and head lower, but above their mid-lines."
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