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EUR/USD Technical Analysis - Euro Struggling to Break Higher

EUR/USD Technical Analysis - Euro Struggling to Break Higher

2019-12-17 09:57:00
Nick Cawley, Analyst
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EUR/USD Price Forecast, Analysis and Chart:

  • EUR/USD struggling to confirm a break higher.
  • EUR/USD range trading with a mild upward bias.
EUR Forecast
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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)

EURUSD daily price chart and 200-day moving average
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Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the Euro and the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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