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PIG TODAY-EUR/USD: Bulls once again run into 1.0665 resistance, Fed eyed

 

 

The EUR/USD pair extends its recovery mode into the European session, as the offered tone behind the greenback keeps growing bigger amid tumbling US treasury yields.

EUR/USD: Will the recovery last?

Currently, EUR/USD trades +0.29% higher at 1.0657, having posted fresh daily highs at 1.0665, finally surpassing hourly 200-SMA located at 1.0662. The EUR/USD squeeze gained traction in the European session, despite a rally in the European stocks, as the spot closely tracks the broad USD price-action in the lead up to the key risk event for the month, the FOMC interest rate decision.

However, the renewed uptick lost steam as the bulls once again ran into the key resistance placed around 1.0665 region, the confluence of hourly 200-SMA, previous high and daily S1.

All eyes now remain on the Fed verdict for fresh take on the spot, in the meantime the US retail sales, PPI and industrial production data will keep the traders busy.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0662/65/68 (1h 200-SMA/ daily high/ Dec 13 high). A break beyond the last, doors will open for a test of 1.0700 (round figure) and from there to 1.0730 (daily S3). On the flip side, the immediate support is placed at 1.0628 (20-DMA) below which 1.0600 (zero figure/ 5-DMA) and 1.0567 (Nov 18 low) could be tested.

Key events:

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What will 2017 bring to the Forex traders? FXStreet is organizing the ultimate live panel you must attend to understand and anticipate what the new year might hold. Three remarkable traders plus a FXStreet analyst that together are The Four Horsemen riding the Forex market throughout 2017.

What, When and Who? Be Ready for 2017; The Fundamental Panel - click to register for free

What will 2017 bring to the markets from a fundamental standpoint? We are entering a phase of unprecedented uncertainty on a global scale - There are conflicting outlooks making for the perfect environment for a real battle between the bulls and bears. There are arguments for reflation vs a backdrop of deflation, there are bubbles that are about to pop and we could be on the brink of a banking crises - then throw in a bit of European and American politics. FXStreet would like to invite you to a superb panel of experts to help you understand the fundamental foundations to trade upon in the Forex market throughout 2016.

Source: fxstreet.com

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