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SPECIAL YEARLY FORECAST

Markets' lean season has lasted two full years and while those are not yet over, flush times are looking more and more likely for this 2020. EUR/USD news: The beginning of the end of the trade war? Ever since hitting 1.2537 in January 2018, the EUR/USD pair has been on a selling spiral that set a multi-year low of 1.0878 just two months ago. The level can hardly be considered an interim bottom when just considering the following price’s recovery, but the focus this time shouldn’t be put on technical readings, but in politics.



Yohay Elam

EUR/USD is trading below 1.1150, unable to take advantage of the dollar's weakness, ahead of consumer confidence. How is the world's most popular currency pair positioned?

The Technical Confluences Indicator is showing that euro/dollar is capped at 1.1142, which is a dense cluster including the Bollinger Band 15min-Middle, the Simple Moving Average 100-1h, the SMA 200-one-day, the Fibonacci 23.6% one-day, the SMA 10-one-day, the BB 1h-Middle, and many more.

Looking up, another significant hurdle awaits at 1.1195, which is the convergence of the Pivot Point one-week Resistance 1, the PP one-day R2, and the Fibonacci 23.6% one-month.

Looking down, support awaits at 1.1095, which is the confluence of the Fibonacci 61.8% one-month, the SMA 50-one-day, and the PP one-day S2.

Further down, another cushion is at 1.1072, which is the meeting point of the PP one-month S1 and the SMA 100-one-day.

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