EUR/USD reversed directions last week and posted losses. It’s a light data calendar for Christmas week, with only one release. Here is an outlook at the highlights and an updated technical analysis for EUR/USD. It was a quiet week for fundamentals in the Eurozone, but the limited data was soft, as the eurozone is fighting a resurgence of Covid-19. Eurozone Consumer Confidence improved slightly but remains deep in negative territory, at -14. German GfK Consumer Climate fell to -7.3, down from -6.7. In the US, Congress approved a massive stimulus package, but President Trump has thrown a monkey wrench in the process, saying he will veto the bill unless stimulus payments are substantially increased. US Final GDP for the third quarter was revised upwards to 33.4%, up from 33.1%. Durable goods orders weakened in November, Headline durables dropped from 1.3% to 0.9%, while the core reading slumped to 0.4%, down from 1.3%. Consumer numbers worsened, as Personal Income came in at -1.1% and Personal Spending declined by 0.4%, its first decline in seven months. Unemployment Claims dropped sharply to 803 thousand, well below the estimate of 882 thousand. EUR/USD daily chart with support and resistance lines on it. Click to enlarge: Spanish Flash CPI: Wednesday, 10:00. Inflation in the eurozone’s third-largest economy has been in contraction since March. This trend is expected to continue in December, with an estimate of -0.6%. EUR/USD Technical analysis Technical lines from top to bottom: 1.2478 was last tested in resistance in February 2018. 1.2328 is next. 1.2224 has held in resistance since April 2018. 1.2171 is an immediate support level. 1.2074 is next. 1.1970 (mentioned last week) since early December. 1.1844 is the final support line for now. . I remain bullish on EUR/USD The Brexit deal between the UK and the European Union is good news for the euro, as it removed the uncertainty in the huge trading relationship between the sides. Still, with light trading during Christmas week, any gains by the euro will likely be limited. Further reading: EUR/USD forecast – for everything related to the euro. USD/JPY forecast – projections for dollar/yen AUD/USD forecast – predictions for the Aussie dollar. USD/CAD forecast – Canadian dollar analysis Forex weekly forecast – Outlook for the major events of the week. Safe trading! Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher EUR/USD ForecastMajorsWeekly Forex Forecasts share Read Next Top 3 Gainers of The Week Zilliga, THETA, Celsius: These altcoins more than doubled their value FX Street 2 years EUR/USD reversed directions last week and posted losses. It's a light data calendar for Christmas week, with only one release. Here is an outlook at the highlights and an updated technical analysis for EUR/USD. It was a quiet week for fundamentals in the Eurozone, but the limited data was soft, as the eurozone is fighting a resurgence of Covid-19. Eurozone Consumer Confidence improved slightly but remains deep in negative territory, at -14. German GfK Consumer Climate fell to -7.3, down from -6.7. In the US, Congress approved a massive stimulus package, but President Trump has thrown a monkey… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
