The EUR/USD pair trades within range, with the common currency meeting some demand with the London opening bell, and the pair aiming to advance above the 1.0900 figure. The positive tone comes from renewed risk aversion, given that oil is breaking through $30.00 a barrel, dragging commodity currencies to fresh multi-year lows.
Despite there are several macro releases in the US that usually move the market, including Retail Sales and the PPI Index for December, market will likely continue trading on sentiment, with the EUR being benefited by its funding-currency condition.
View the Live chart of the EUR/USD
Technically, the 4 hours chart shows that the price is currently above its moving averages, which anyway present a neutral stance, while the technical indicators head north above their mid-lines. The immediate resistance comes in the 1.0925/40 region, as the pair has met selling interest around a strong Fibonacci resistance around the level, ever since the year started. A strong acceleration above the level, can see the pair finally breaking its range, and extending up to 1.1000 this Friday, and higher, up to 1.1045.
The downside will likely remain limited by 1.0845, a Fibonacci support, with a sudden change in sentiment unlikely.
Latest updates on the EUR/USD Forecast
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