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EUR / USD loses vigor on Christmas Eve and is stuck below 1.11

EUR / USD loses vigor on Christmas Eve and is stuck below 1.11

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The euro moves calmly before the Christmas break on a day of low liquidity, with most traders and institutional investors on vacation. In this context, the EUR/USD decreases 0.05% to 1.1082, although earlier it had reached a daily maximum of 1.1089 during the Asian session.

The low trading volume would continue over the next few days and even extend the following week on the way to the holiday season. That is why the pair would continue to operate in a relatively narrow range in the short term, particularly if calm prevails and no disturbing news appears for the markets.

At the start of January, however, attention will turn once again to the fundamentals of the euro zone and the United States, as well as the monetary stance of the central banks of each block (ECB and Fed).

As it is still unclear whether the economy of the old continent has hit bottom, it is possible that the euro remains downward biased in the early days of 2020, at least until the macroeconomic variables of the region begin to show consistent signs of revival. 

In this way, it would not be surprising to observe a fall in the EUR / USD to support at 1.1038. A drilling of this support area would expose the 1.1000 (Fibonacci retracement of 61.8% of the progress from October to December).

Even if the tonic of the price action is bearish, it is necessary to consider a recovery scenario. In the case of increases, the first draft resistance is located in the region of 1.1030 / 1.1040, where the 200-day moving average converges with a long-term bearish guideline (red line). A rupture of this technical ceiling would expose the December peak (1.1200) and then the upper directive of a short-term bullish channel (1.1290).

TECHNICAL GRAPH OF EUR / USD

, EUR / USD loses vigor on Christmas Eve and is stuck below 1.11, Forex-News, Forex-News

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