EUR/USD Daily Forecast - 11 December

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Wednesday, Dec 10 2014

Euro spent most of the session on Wednesday in an uptrend. This uptrend is mostly due to global concerns that put some pressure on USD, but it is also a result of a less eventful week in which euro had to rebound after sharp decline in the past few week. In the end it finished the session few points above 1.2420 level. As for tomorrow, we would pay attention to Targeted LTRO data and US Retail Sales figures.

Any type of resistive candles above 1.2480 level would be short-term selling signal, while supportive candles around 1.2350 area would offer short-term buying opportunity at the moment. On a long-term basis, despite this rebound, we believe that 1.25 handle would continue to be massively resistive and with that being the case we have no interest in buying this pair at the moment.

Last modified on Wednesday, 10 December 2014

More in this category: « GBP/USD Daily Forecast - 11 December AUD/USD Daily Forecast - 12 December »

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