EUR/USD Technical Analysis - Euro Struggling to Break Higher
EUR/USD Price Forecast, Analysis and Chart:
EUR/USD is attempting to push higher in early trade and may get some support from the 200-dma (the black line on the daily chart), a technical indicator that has proved difficult for the pair to break convincingly. A look back at EUR/USD over the year shows the 200-dma has capped upside progress, apart from a couple of false breaks, and traders should wait to see if today’s open above this long-term indicator holds. Holiday-thinned trade will not help the pair.
Last Friday’s sell-off candle is also acting as a short-term range guide between 1.1111 and 1.1187 with additional resistance from a cluster of prior highs between 1.1173 and 1.1179 made between October 18 and November 4. Last Thursday’s high print at 1.1200 has broken a series of lower highs but again this needs to be confirmed over the next few days to embolden EUR/USD bulls.
There are a few important economic releases over the rest of the week, as well as commentary from ECB President Christine Lagarde in Frankfurt Wednesday morning and ECB chief economist Philip Lane on Thursday afternoon. See the DailyFX Economic Calendar.
EUR/USD Daily Price Chart (January – December 17, 2019)
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