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#1 30-12-2019 10:19:30

Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2886

EUR/USD continues to rise and is hovering around 1.12

EUR/USD continues to rise and is hovering around 1.12 in this end/beginning of year week

The reduced liquidity of the holiday season rarely leads to large shifts in the forex.

The pair is taking advantage of this period to post several key breaks, and build a solid bullish profile since last week.

After having already progressed mainly thanks to the decline of the USD last week, the EUR/USD resumed its rise as early as the reopening of trading on Sunday night. It then quickly headed for the psychological threshold of 1.12 which it has actively been testing since Monday morning.

If the EUR manages to hold above this critical psychological threshold, this would be another major bullish signal, after the pair already closed above the 200-day moving average on 27 December.

In this case, the next potential upside obstacles will be located at 1.1250, 1.13 and 1.1350, ahead of the psychological threshold of 1.14.

In the event of a strong return of sellers, the 200-day moving average at 1.1142 will be the first important support level to watch out for, ahead of the psychological threshold of 1.11 and the 100-day moving average at 1.1060, ahead of the critical psychological threshold at 1.10.

Currently, the eurodollar is hovering around 1.12 on the forex.

Hourly EUR/USD chart

"Anything worth having is worth going for - all the way." - J.R. Ewing



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