EUR/USD finishes the week above 1.1300 ahead of Christmas eve

The shared currency losses against the greenback but remains above the 1.1300 figure.
EUR/USD Price Forecast: A descending triangle in a downtrend opens the door for a challenge of the YTD low at 1.1186.

Christian Borjon Valencia FXStreet

The EUR/USD is barely down late in the European session, trading at 1.1318 at the time of writing. As US markets as a whole remain closed on Christmas eve, the market sentiment is upbeat.

On Friday, the greenback benefits from thin liquidity conditions gaining ground against all G8 currencies, though as of late against the GBP, which is down 0.02% though clings to the 1.3400 figure.

By Tuesday, it appeared that a Santa rally was not coming in 2021. However, as news of a study in South Africa reported that people infected with the Omicron variant were 80% less susceptible to needing hospitalization, it improved the market mood. Further in the UK, two studies reported the same results as in South Africa, though the percentage of people was between 50% to 70%. That, alongside the US Food and Drug Administration (FDA) approving Covid-19 treatments by Pfizer and Merck

EUR/USD Price Forecast: Technical outlook

The EUR/USD daily chart depicts the pair has a downward bias, as shown by the daily moving averages (DMAs) residing above the spot price. In the near term, the EUR/USD is in consolidation ahead of 2022. However, as of lately, a descending triangle chart pattern formed that could target the YTD low around 1.1186, though it would face some hurdles on the way down.

The first support would be the 1.1300 figure. The latter's breach would expose the December 15 cycle low at 1.1221, followed by the November 24 YTD low at 1.1186.

EUR/USD

Overview
Today last price	1.1308
Today Daily Change	-0.0026
Today Daily Change %	-0.23
Today daily open	1.1334

Trends
Daily SMA20	1.13
Daily SMA50	1.1417
Daily SMA100	1.1569
Daily SMA200	1.1769

Levels
Previous Daily High	1.1342
Previous Daily Low	1.129
Previous Weekly High	1.136
Previous Weekly Low	1.1222
Previous Monthly High	1.1616
Previous Monthly Low	1.1186
Daily Fibonacci 38.2%	1.131
Daily Fibonacci 61.8%	1.1322
Daily Pivot Point S1	1.1302
Daily Pivot Point S2	1.127
Daily Pivot Point S3	1.125
Daily Pivot Point R1	1.1354
Daily Pivot Point R2	1.1374
Daily Pivot Point R3	1.1407

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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