EUR/USD went through a volatile week which is about to end with modest gains, but having failed to regain the 1.25 mark, the euro remains on a broader term downward bias. EUR/USD recovery was more a weaker dollar case than a stronger euro, with US yields decline taking its toll on the USD and USD/JPY leading the way down.
Next week's Greek elections will attract investors' attention as Greece’s conservative prime minister, Antonis Samaras brought forward a presidential vote aimed at ending political uncertainty. The first round of parliament's vote to select a new president will be held on Dec. 17, could trigger early elections if Samaras fails to get his candidate for president elected. He needs the support of 180 lawmakers in the 300-seat chamber.
On the other side of the Atlantic, focus now turns to FOMC decision next week and Fed’s economic projections for clues over the central bank’s next steps.
Technically speaking, EUR/USD holds the negative tone in weekly charts although indicators remain in oversold territory, suggesting some consolidation ahead, while investors may chose to remain sidelined ahead of next Wednesday’s events. In smaller time frames the tone is more constructive, but EUR/USD needs at least to regain 1.2500 to ease the bearish pressure. Next target on the upside will be 1.2600, November high.
On the other hand, loss of the 1.2670/60 support area will bring the 1.2247, 2014 low, back into focus.
View Live Chart for EUR/USD
Next week's Greek elections will attract investors' attention as Greece’s conservative prime minister, Antonis Samaras brought forward a presidential vote aimed at ending political uncertainty. The first round of parliament's vote to select a new president will be held on Dec. 17, could trigger early elections if Samaras fails to get his candidate for president elected. He needs the support of 180 lawmakers in the 300-seat chamber.
On the other side of the Atlantic, focus now turns to FOMC decision next week and Fed’s economic projections for clues over the central bank’s next steps.
Technically speaking, EUR/USD holds the negative tone in weekly charts although indicators remain in oversold territory, suggesting some consolidation ahead, while investors may chose to remain sidelined ahead of next Wednesday’s events. In smaller time frames the tone is more constructive, but EUR/USD needs at least to regain 1.2500 to ease the bearish pressure. Next target on the upside will be 1.2600, November high.
On the other hand, loss of the 1.2670/60 support area will bring the 1.2247, 2014 low, back into focus.
View Live Chart for EUR/USD
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