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Forex »EUR / USD Struggles for Solid Direction

EUR / USD stuck in a thin trading range

EUR / USD extended its sideways consolidation move on Tuesday in the forex market and remained confined to a narrow trading band, above the 1.1300 mark during the first European session.

  • EUR / USD remained in a three-day trading range until the start of the European session.
  • Neutral oscillators warrant some caution for aggressive traders amid low liquidity at the end of the year.
  • A sustained move past the 1.1350-60 hurdle is needed to support the prospect of further gains.

Overall, the EUR / USD has so far struggled to capitalize on its recent currency rebound from levels below 1.1200, where the current year’s low hit in November. The 1.1350-60 region has been acting as a key hurdle since the beginning of this month, which should now serve as a pivot point for short-term traders.

A convincing advance will pave the way for more profit and push the pair EUR / USD past the 1.1400 mark, towards the test of the next relevant hurdle near the 1.1440-45 region. Momentum could expand further and allow bullish traders to point back to regain the key psychological 1.1500 mark.

Meanwhile, the neutral technical indicators on the daily chart have not supported any firm direction in the near term and warrant some caution for aggressive traders. Furthermore, it makes it prudent to wait for subsequent purchases beyond the aforementioned barrier before positioning for another short-term appreciation move.

On the other hand, the 1.1300 mark, closely followed by the 1.1280-75 region, could protect the immediate downside before the 1.1240 support area. Some follow-up selling would be seen as a new trigger for bearish traders and would push the EUR / USD towards the 1.1200 mark on its way to the full year low around the 1.1185 region.

EUR / USD chart 4 hours

By Haresh Menghani, FXStreet

Haresh Menghani, Financial Markets Analyst and New Editor, joined the FXStreet team after accumulating 8 years of rich experience in analyzing global financial markets. Haresh has a master’s degree in business administration and financial analysis. He also received the designation of Chartered Financial Analyst (CFA) from the Institute of Chartered Financial Analysts of India (ICFAI).

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The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

Disclaimer: The information and opinions in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and does not assume responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.

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