EUR/USD - Thin Holiday Trading Conditions Dominate
2015 has been a fascinating year, full of ups and downs. We can’t wait to see what 2016 holds. In order be fresh and ready to tackle the new year demands, production of the Daily Technical Report will be paused from Dec 24th through Jan 4th 2016.
EUR/USD's short-term bullish momentum towards 1.1000 continues. Key support is given at 1.0796 (07/12/2015 low). Stronger support lies at 1.0524 (03/12/2015 low). Hourly resistance may be found at 1.1096 (28/10/2015 low). Expected to target again support at 1.0796.
In the longer term, the technical structure favours a bearish bias as long as resistance holds. Key resistance is located region at 1.1453 (range high) and 1.1640 (11/11/2005 low) is likely to cap any price appreciation. The current technical deteriorations favours a gradual decline towards the support at 1.0504 (21/03/2003 low).