Key Highlights
Euro moved higher against the US Dollar recently and currently moving closer to the last swing high of 1.0980.
The main thing to follow during the coming sessions is whether EURUSD can clear the stated resistance area or not.
There are no economic releases to keep an eye today, so the market may be mostly driven by the sentiment.
Today in Japan, the Retail Trade released by the Ministry of Economy, Trade and Industry posted a decline of 2.5% in November 2015, which was disappointing when compared with the last rise of 1.1%.
EURUSD Technical Analysis
The Euro enjoyed decent gains during the past session, and traded higher against the US Dollar. The EURUSD pair traded above the 100 and 200 hourly simple moving average, and currently showing a lot of bullish signs.
The best part is the fact that the EURUSD pair settled above a bearish trend line on the hourly chart to clear the way for more gains.
If the pair corrects lower from the current levels, then it may find support near the broken trend line, coinciding with the 1.0950 support area.
On the upside, the most important resistance is around the last swing high of 1.0980. Buyers need to clear the stated level if they want to take the pair above 1.10 in the near term. Overall, the bulls might take the pair higher towards 1.10 but it won’t be easy for them to maintain gains.
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