EUR/USD Forecast: modest bullish tone in thin trading
|Beyond a rally in gold prices, action is extremely limited in the financial boards, with major pairs trading around Friday's closing levels. The EUR/USD pair hovers within 25 pips in the 1.0440/50 region, with the European macroeconomic calendar empty this Tuesday, doing little to help the market move.
Later on the day, the US will release the Consumer confidence index for December, expected at 108.5 from previous 107.1, alongside with the Dallas and the Richmond FED manufacturing indexes, also for December.
From a technical point of view, the pair maintains a neutral stance, with the downside limited by short term buyers around 1.0420. The 4 hours chart shows that the price is struggling around a modestly bullish 20 SMA, so far unable to break below it. Additionally, technical indicators are bouncing from their mid-lines, although with no strength.
An advance beyond 1.0460 could see the pair extending up to 1.0500, although further gains are unlikely for today. Below the mentioned 1.0420 on the other hand, the pair can fall to 1.0390, while below this last 1.0350 is the next bearish target.
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