EUR/USD Analysis (2015.12.24)
The EUR/USD gained 15 points in the morning session to trade at 1.0927 as traders get ready for the long Christmas holiday. The global markets are gradually decelerating ahead of the holiday period as lower volumes and a relatively light economic calendar have provided the opportunity for inconsistencies to spring across the board. Erratic movements continue to affect the currency markets as investors unwind their positions and remain on standby in the hope of catching the right side of the many anticipated moves in the New Year. In addition, the high levels of volatility seen in recent days could contribute towards the ongoing concerns around the aggressive oversupply of oil in the global markets, however with Christmas just two days away the markets may be set to rapidly cool down until the New Year.
Despite the renewed appetite for the greenback, the euro has kept to a wide range with support at 1.080 and resistance around 1.1050. The global markets are gradually decelerating ahead of the holiday period, but it seems that the eurodollar may have already entered the festive mood and this may result in prices ranging until the New Year. Regardless of this range, fundamentally the EURUSD remains bearish and the potential expansion in divergence in both monetary policy and economic sentiment between the United States and Europe should encourage bears to send prices back towards 1.064 in the near future.
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Today’s economic releases:
|Germany – Christmas Eve|
|United States – Christmas Eve – Early close at 13:30|
|JPY||Monetary Policy Meeting Minutes|
|JPY||BoJ Governor Kuroda Speaks|
|GBP||BBA Mortgage Approvals||46.2K||45.4K|
|USD||Initial Jobless Claims||270K||271K|
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