EUR/USD rangebound below 1.1450 ahead of New Year's shutdown

Major markets are missing their key participants as volumes wither, leaving the FX marketspace to middle.
Plenty of concerns will be following investors through the doors into 2019.

Joshua Gibson FXStreet

EUR/USD is seeing some downside play in thin Asian markets, testing into 1.1425 as the major pair struggles within trading ranges established late last week.

Broader markets remain sedate and volumes steeply decreased as investors pull back for the year's end, and major assets see thin play within recent ranges. The Euro is heading into 2019 on mixed tones as the European continent grapples with an array of economic headwinds, from Italy's lagging budget concerns to Brexit, as well as threats of a global economic slowdown, and soured market sentiment could be ringing in 2019 as the new year looks set for a rough ride.

The economic calendar is devoid of any meaningful information ahead of the News Years shutdown, though the US side will be seeing the Dallas Fed's Manufacturing Business Index for December at 15:30 GMT, which last printed at 17.6.

EUR/USD Levels to watch

The Fiber's technical outlook remains largely unchanged, and as FXStreet's own Valeria Bednarik noted:

The pair retains a positive tone according to the 4 hours chart, although the 1.1460/80 region is a tough static resistance area that won't be easy to break. In the mentioned chart, the pair is well above its moving averages, with the 20 SMA gaining upward strength. Technical indicators are neutral-to-bullish within positive levels, below their daily highs, indicating limited buying interest.

Support levels: 1.1420 1.1390 1.1360
Resistance levels: 1.1480 1.1510 1.1545

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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