EUR/USD: the bid is stalling at 1.0680 on profit taking

Ross J Burland FXStreet

Currently, EUR/USD is trading at 1.0640, up 0.64% on the day, having posted a daily high at 1.0685 and low at 1.0572.

EUR/USD has levelled out at the mid-point of the 1.06 handle on the back of broad based dollar weakness as the market unwinds the Trump hysteria trade after yesterday's lack of conviction or indeed anything concrete or soft for the matter in respect to fiscal policy. "In these circumstances, uncertainty related to President elect Trump's policies could result in a bumpy ride for the US dollar in the year ahead," explained analysts at Bank of Tokyo Mitsubishi, adding, "The US dollar rally is already long in the tooth, but appears set for one final leg higher."

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EUR/USD levels

Spot is presently trading at 1.0641, and next resistance can be seen at 1.0646 (Daily Classic R1), 1.0658 (Weekly Classic R1), 1.0685 (Daily High), 1.0719 (Daily Classic R2) and 1.0782 (Weekly Classic R2). Next support to the downside can be found at 1.0634 (Monthly High), 1.0629 (Hourly 20 EMA), 1.0623 (Yesterday's High), 1.0599 (Weekly High) and 1.0599 (YTD High).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.0552

25% Bullish
58% Bearish
17% Sideways

Bias Bearish

1 Month

Avg Forecast 1.0433

25% Bullish
75% Bearish
0% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.0311

6% Bullish
69% Bearish
25% Sideways

Bias Bearish

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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