Wednesday 16th December: Technical Outlook and Review
Headlines inferring UK and EU negotiators close in on a trade deal elevated GBP/USD Tuesday. Following a rebound off the 1.33 handle, the pair overthrew December’s opening value at 1.3335 on the H4 and also the 1.34 border. Clearing 1.34 shines the spotlight on last Wednesday’s high at 1.3477, closely followed by the 1.35 level, a round number merging with a H4 Quasimodo resistance (red arrow) and weekly resistance at 1.3503 (the 2018 yearly opening value).
Tuesday 15th December: Technical Outlook and Review
Europe’s shared currency kicked off the final full week of trading in December in reasonably positive territory against a broadly softer USD. With the US dollar index maintaining a presence south of 91.00, EUR/USD went forward and shook hands with daily resistance at 1.2165, a level that made an appearance at the beginning of December.
Monday 14th December: Weekly Technical Outlook and Review
Europe’s single currency wrapped up the week mostly unmoved against its US counterpart, clutching the upper bounds of the prior week’s action. The technical picture on the weekly chart reveals EUR/USD recently overwhelmed the 2018 yearly opening value at 1.2004, drawing out supply at 1.2420-1.2214.
Friday 11th December: Technical Outlook and Review
The US dollar index found soft grip north of 91.00 and consequently retreated into negative territory on Thursday, elevating EUR/USD above 1.21 to peaks at 1.2159. The ECB’s policy announcement largely fell in line with consensus, with interest rates unchanged.
Thursday 10th December: Technical Outlook and Review
As the US dollar index climbed 91.00 amidst a deterioration in risk sentiment Wednesday, EUR/USD overthrew the 1.21 handle on the H4. With 1.21 now likely to serve as psychological resistance, along with the lack of obvious support present on the H4 chart, we could see the pair continue to weaken until reaching the key figure 1.20.
Wednesday 9th December: Technical Outlook and Review
Europe’s single currency rolled out a subdued tone against the US dollar Tuesday, as the US dollar index continues to languish south of the 91.00 handle. Bid/offers appear even off the 1.21 handle on the H4 scale, with EUR/USD suggesting either a push north to shake hands with daily resistance at 1.2165 once more, or navigating south of 1.21 to perhaps seek 1.20 bids and trend line support, extended from the low 1.1602.
Tuesday 8th December: Technical Outlook and Review
Monday had EUR/USD dip through 1.21 to test lows at 1.2078 on the H4, likely tripping sell-stops. A short-lived rebound, as you can see, triggered a run back to daily resistance at 1.2165, forming a H4 shooting star candle pattern.
Monday 7th December: Weekly Technical Outlook and Review
EUR/USD generated bold moves over the course of last week, rallying more than 150 pips and testing fresh YTD peaks. Underpinned on the back of USD softness (DXY ended the week down more than 1%), the technical picture on the weekly chart reveals the pair overwhelmed the 2018 yearly opening value at 1.2004, drawing out supply at 1.2420-1.2214.
Friday 4th December: Technical Outlook and Review
EUR/USD bulls remain in great shape north of the 2018 yearly opening value at 1.2004 on the weekly timeframe. Up nearly 1.5% on the week so far, testing fresh yearly peaks, large supply at 1.2420-1.2214 demands attention.
