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.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0750 to start the week
EUR/USD trades in positive territory above 1.0750 in the European session on Monday. The US Dollar struggles to find demand following Friday's disappointing labor market data and helps the pair hold its ground.
GBP/USD edges higher toward 1.2600
Following Friday's volatile action, GBP/USD pushes higher toward 1.2600 on Monday. Soft April jobs report from the US and the modest improvement seen in risk mood make it difficult for the US Dollar to gather strength.
Gold rebounds above $2,310 after downbeat NFP data, eyes on Fedspeak
Gold price trades in positive territory above $2,310 after closing the previous week in the red. The weaker-than-expected US employment data have boosted the odds of a September Fed rate cut, hurting the USD and helping XAU/USD find support.
Addressing the crypto investor dilemma: To invest or not? Premium
Bitcoin price trades around $63,000 with no directional bias. The consolidation has pushed crypto investors into a state of uncertainty. Investors can expect a bullish directional bias above $70,000 and a bearish one below $50,000.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.