EUR/USD seeking 1.1400 despite overly-cautious markets
- Early Monday sees some risk appetite climb, but momentum remains tepid.
- Christmas holidays see a serious wrench thrown into the works.
EUR/USD is catching some mild bidding action into 1.1390, winding through Monday's early trading session, after the pair got knocked sharply lower late last week. Monday has opened on the moderate side, though gains are seen on the limited side.
The Euro slipped from recent highs near 1.1485 late last week as investor sentiment continues to get knocked back by spiraling economic data and traders who remain fearful of a continued slowdown across the board impeding progress.
The economic calendar is free and clear of EU data to start the new week, and investors will likely be keeping a close eye on headlines for the day, as well as the Christmas holiday slated for Tuesday, though Monday does bring the US Chicago Fed's National Activity Index, slated to come in at 0.24%
EUR/USD Levels to watch
The fiber sees continued slowing progress, and despite the pair remaining trapped firmly within a familiar range for several months, and according to Mohammed Isah:
EURUSD faces risk of medium term trend resumption following its price reversal on Friday. Support lies at the 1.1300 level where a violation if seen will aim at the 1.1250 level. A break below here will aim at the 1.1200 level. Further down, support comes in at the 1.1150. On the upside, resistance resides at 1.1400 level with a break through there opening the door for further upside towards the 1.1450 level. Further up, resistance comes in at the 1.1500 level where a violation will expose the 1.1550 level. All in all, EURUSD continues to threaten further bear pressure. EURUSD faces risk of medium term trend resumption following its price reversal on Friday. Support lies at the 1.1300 level where a violation if seen will aim at the 1.1250 level. A break below here will aim at the 1.1200 level. Further down, support comes in at the 1.1150. On the upside, resistance resides at 1.1400 level with a break through there opening the door for further upside towards the 1.1450 level. Further up, resistance comes in at the 1.1500 level where a violation will expose the 1.1550 level. All in all, EURUSD continues to threaten further bear pressure. - Mohammed Isah
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.
