FXStreet (Mumbai) – The EUR/USD pair rose to a fresh session high of 1.0950, while the major European equity markets trade little changed on a holiday shortened trading day.
Bounces off key Fibo support
The pair has bounced off 1.0940 (61.8% of Mar to Aug rally) on the hourly chart. The previous hourly candle comfortably closed above the said level. The trading volumes remain thin ahead of the Christmas day holiday.
The equity markets are offering no clues as well. The Stoxx Europe 600 Index slipped less than 0.1%, but are more or less direction less. With volumes expected to remain thin amid an empty economic calendar, the pair appears poised to end the week higher.
EUR/USD Technical Levels
The immediate resistance is seen at 1.0984 (Dec 22 high), above which the pair could test 1.1006 (50% of 1.1495-1.0517). A break higher would expose the 200-DMA at 1.1042. On the other hand, a break below 1.0940 (61.8% of Mar-Aug rally) would open doors for 1.0890 (38.2% of 1.1495-1.0517), which, if taken out could trigger a fall to 1.0805 (Dec 17 low).
(Market News Provided by FXstreet)