EUR/USD Well Supported Above 1.1300 in Controlled, Holiday-Slimmed Trading Conditions

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EUR/USD, currently bought and sold below the tops of the week around 1.1330, during controlled, holiday slimmed trading situations.

The market was traded with a moderate positive bias this week in the midst of big risk situations, which looks very heavy and seems to be properly held in place above 1.1330. Truly, the 21-day moving average settles here, as the moving sessions having presented good support in recent sessions

What the New Year Holds for EUR/USD
Like strategists have speculated, EUR/USD still sells well between the range 1.1240 – 1.1360, and this has dominated for most of the month. This range might remain as it is, till we begin the New Year and market resume in full and volumes goes back to normal. Truly, the first week of the new year will be a hectic one due to the release of the U.S. jobs report and ISM manufacturing and surveys of service PMI. We have very little US data of note aside from the normal jobless report on Thursdays. The economic calendar of the Eurozone is a bit interesting with the preliminary guess if December’s HCIP is scheduled for release by Thursday.

Technically examining EUR/USD, the quote seems to be heading for last’s week high around the 1.1340s, above which will bring in a focus of testing December highs within the range 1.1360 – 1.1380s. Truly the price seems to form an upward moving triangle during the later stage of the month, which mostly indicates an upward market movement is in sight. If the upward trendline is broken to the downside, this will give a downward market movement sign indicating that EUR/USD will go lower than the 1.1300 level.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.