- The dollar retreats in the market supporting the rise of the EUR / USD.
- Euro still can’t get back to last week’s moment.
He EUR / USD climbed to 1.2222 marking a new high for the day driven by progress in the Brexit negotiations. It is estimated that an agreement could be announced next week. This boosted stocks and especially the pound sterling.
Previously, the US economic data, which altered positive figures with negative figures, had no impact on the market. Among the most relevant is the drop in unemployment benefit requests, the rise in durable goods orders, the larger-than-expected decline in personal income and spending, and the decline in new home sales.
The volume of operations continues with a downward trend ahead of the year-end holidays. Crosses mostly move in ranges. The recent advance of the EUR / USD was given by the decline of the dollar and the rise of the stock markets. The DXY is trading in negative territory, near 90.00. On Wall Street, the Dow Jones is up 0.55% and the SP500 0.40%.
From a technical point of view, EUR / USD remains in consolidation mode, after the decline at the beginning of the week. The key short-term resistance is moving to the 1.2250 area. Right now, the price is hovering around 1.2200, which is where the average of 20 is on the four-hour chart. A confirmation above could boost the euro.
He EUR / USD’s dominant bullish tone doesn’t look like it did a week ago. It has yet to fully recover from Monday’s slump. A firm pullback below 1.2150 would leave the pair vulnerable to further losses.
Technical levels
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