Daily Forecast - 16 December 2015
EURUSD Spot
EURUSD hit decent support at 1.0925/20 & longs were not stopped below 1.0900. Be ready to sell a break below 1.0900 today however to target 1.0878/76 & then good support at 1.0850. Just be aware that further losses risk a slide to 1.0790/85 for a buying opportunity. Longs need stops below 1.0760 to target minor support at 1.0730.
We are holding above 1.0925/20 as I write to target minor resistance at 1.0970/75. If we continue higher look for 1.0995/99 then 1.1015/20. We clearly understand very strong resistance at 1.1045/55 remains the main challenge for bulls in overbought conditions & an excellent selling opportunity. Shorts need stops above 1.1085. A break higher however is a strong buy signal (although we need a close above to confirm). Next target 1.1095 then 1.1139.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
AUD/USD dips below 0.6600 following RBA’s decision
The Australian Dollar registered losses of around 0.42% against the US Dollar on Tuesday, following the RBA's monetary policy decision to keep rates unchanged. However, it was perceived as a dovish decision. As Wednesday's Asian session began, the AUD/USD trades near 0.6591.
EUR/USD lacks momentum, churns near 1.0750
EUR/USD cycled familiar levels again on Tuesday, testing the waters near 1.0750 as broader markets look for signals to push in either direction. Risk appetite was crimped on Tuesday after Fedspeak from key US Federal Reserve officials threw caution on hopes for approaching rate cuts from the Fed.
Gold wanes as US Dollar soars, unfazed by lower US yields
Gold price slipped during the North American session, dropping around 0.4% amid a strong US Dollar and falling US Treasury bond yields. A scarce economic docket in the United States would keep investors focused on Federal Reserve officials during the week after last Friday’s US employment report.
Democrats to introduce bill targeting crypto mixing services
Rep. Sean Casten revealed in a House hearing on Tuesday that Democrats are planning to issue a bill this week that would target crypto-mixing protocols. Democrats and Republicans also clashed over the SEC's recent action against crypto companies.
Living vicariously through rate cut expectations
U.S. stock indexes made gains on Tuesday as concerns about an overheating U.S. economy ease, particularly with incoming economic reports showing data surprises at their most negative levels since February of last year.