During the past week the
EUR/USD pair was hesitating amid thin trading sessions. The pair was mostly
caught within tight range between 1.0430 – 1.0500, but meanwhile attempted to
fall down to 1.0351, but closed higher at 1.0448.
The economic calender
this week is not offering any significant events that could stir the markets.
Also along with the Holidays Season we usually witness uninspired
trading.
Looking at the hourly
chart, the short-term development is seen neutral. The price is currently
moving together with the 20-day SMA and between the 100-day and 200-day
averages. Indicators are showing mixed signs. RSI is around mid-lines, while
stochastic heads north.
The trading bias remains
neutral, but as long as the pair holds below 1.0500, the bears rule the trend.
Support is located at 1.0400 and lower at 1.0350. Looking upwards resistance is
placed now at 1.0460 and higher at 1.0500.
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