Technical Analysis for EUR/USD (Daily)
Risk aversion led the way Monday, after Crude Oil producers failed to reach an agreement at the Doha meet.
The single currency was unable to run and held below 1.1330, that the base of the range that contained price for much of the last 2 weeks.
The EUR/USD technical outlook
There is little to work with in here despite the USD moving lower, EUR/USD remains below the Key short term resistance.
In the 4 hours the price has managed to recover above its 20-Day SMA at 1.1270, although it was unable to detach from the 23.6% Fibo retracement of the latest daily Bull run.
The technical indicators in that frame, have crossed above their mid-lines, but lost upward power. The lack of momentum suggests that EUR Bulls are stepping aside ahead of the ECB meeting Thursday expecting the pair to stay range bound during the upcoming hours, between 1.1220, the 38.2% Fibo retracement of the mentioned rally and .1380.
Support marks:1.1270 1.1235 1.1200
Resistance marks: 1.1335 1.1380 1.1420
Latest posts by Paul Ebeling (see all)
- Key Stock Indexes, Crude, Gold and Silver Markets Briefing - December 7, 2016
- Wall Street’s Top Analysts Upgrades, Downgrades & Initiations - December 7, 2016
- Chicago Agriculture Commodities Finished Mixed - December 7, 2016