He EUR/USD trim some ground after hitting a new 2020 high on Wednesday at 1.2309. The pair is quiet in ultraslim market conditions as the world celebrates the end of the year, but the rally will continue, according to the FXStreet Chief Analyst Valeria Bednarik.
“The United States has just published the Initial Unemployment Claims for the week ended December 25, which was 787 thousand compared to the 833 thousand expected. Wall Street is about to open at a loss, following the lead of its European counterparts. US markets will close earlier today, which means that activity will likely stop shortly. “
“The EUR / USD pair maintains its bullish position. The 4-hour chart shows that it bounced from a bullish 20 SMA, currently providing dynamic support around 1.2260. Longer moving averages maintain their upward slopes well below the current level, while technical indicators consolidate at positive levels.