EUR/USD is losing bullish strength after peaking at 1.1940 this Thursday. Notwithstanding, the pair is holding near monthly highs, around the 1.19 area, as bears are nowhere to be found, FXStreet’s Chief Analyst Valeria Bednarik reports.
“Adding pressure on the shared currency, the German GFK Consumer Confidence Survey contracted to -6.7 in December from -3.2 in the previous month, also missing the market’s expectations.”
“The 4-hour chart shows that a mildly bullish 20 SMA provides intraday support, while the longer moving averages maintain their bullish slopes below the shorter one. Technical indicators in the mentioned time-frame have retreated from daily highs but remain within positive levels and lacking bearish strength.”
“Bulls would have better chances on renewed demand above the 1.1920 resistance level.”