EUR/USD Dec. 24 – Drifting Above Support

EUR/USD Dec. 24 – Drifting Above Support

EUR/USD managed to climb higher and settle above support just before Christmas. Here’s a quick update on technicals, fundamentals and community trends.

eur usd Christmas

Euro/Dollar drifring higher.

EUR/USD Technicals

  • Asian session:  Active session saw EUR/USD trading in range, before falling at the wake of the European session.
  • Current Range between 1.3115 to 1.3180.
  • Further levels in both directions: Below    1.3114,  1.3070, 1.30, 1.2920, 1.2722, 1.2587.  Above 1.3114, 1.3180, 1.3267, 1.3334, 1.3576,  1.37, 1.3786,  1.3950 and 1.4030.
  • 1.3050 new lower frontier.
  • 1.3440 is important resistance above and remains as such after a breakout attempt failed.
  • A downtrend support follows EUR/USD. (on the graph).

EUR/USD Fundamentals –

No events today.

* All times are GMT.

EUR/USD Sentiment

  • Another Irish bank was nationalized.
  • Portugal is under review for a downgrade and got one.
  • France is danger of suffering a credit rating downgrade – France is Europe’s second largest economy. A downgrade or a warning will send the Euro way down.
  • Spanish bond yields have stabilized at high levels, around 5.50%
  • China said it helped the Euro-zone during the crisis, and is trying to get closer to Europe before the US-China summit. Will they push the Euro higher? Probably not.
  • US bond yields take a break – they’re not challenging new highs. This mostly affects USD/JPY, but also EUR/USD.
  • Currensee Community: 50% are long , 50% are short. These are 1245 open positions in real accounts trading this pair at the moment.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.