Technical Analysis – EUR/USD 12/1/2017
By Antonis Vasloos
The EUR/USD enters Monday on a two-day winning streak, as markets await Donald Trump’s presidential inauguration on January 20, a potentially volatile event for currency traders. The EUR/USD closed at 1.0621 on Friday, relatively unchanged for the week. The common currency has had a volatile start to 2017, but is trading well above last month’s 14-year lows below 1.04.
The pair’s short-term outlook has improved, as the dollar backtracks from post-FOMC highs. Relative strength and the MACD signal stronger upward momentum, although price action remains weak, reflecting the prevailing downtrend in the market.
- Support (daily): 1.0612, 1.0598, 1.0585
- Resistance (daily): 1.0639, 1.0651, 1.0666