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Euro Outlook: EUR/USD, EUR/GBP Levels to Watch

Euro Outlook: EUR/USD, EUR/GBP Levels to Watch

Justin McQueen, Strategist

EUR/USD Price Analysis & News

  • EUR/USD | Narrow Range Maintained
  • EUR/GBP | 200DMA Breached, November Lows in Focus

Aside from the Pound, G10 FX has been unsurprisingly muted as markets wind down for the Christmas period. All eyes remain on an official announcement of a Brexit deal, which is within the next few hours. In light of the risk-on catalyst, safe-haven currencies (JPY, CHF) are on the backfoot against high-beta FX.

G10 FX Intra-day Performance

Euro Outlook: EUR/USD, EUR/GBP Levels to Watch

EUR/USD | Narrow Range Maintained

The pair continues to hover around the 1.22 mark with recent gains underpinned by the wave of Brexit optimism. However, an offsetting factor for a push higher in the Euro is likely due to the pullback in EUR/GBP which has hit fresh 3-week lows. Topside challenges remain at the high 1.22s, while key support is situated at 1.2120-30. That said, EUR/USD is expected to remain in a relatively narrow 1.2160-1.2215 range.

Pivot | 1.2186

Support | 1.2151, 1.2118, 1.2083

Resistance | 1.2219, 1.2254, 1.2288

EUR/GBP | 200DMA Breached, November Lows in Focus

The cross has made a break below the psychological 0.90 handle and 200DMA (0.8983), raising scope for a move towards the November lows situated at 0.8860 in the short-run. However, given seasonal factors, liquidity remains scarce, thus the cross is prone to choppy price action.

Moving Average (MA) Explained for Traders

Pivot | 0.9046

Support | 0.8982, 0.8936, 0.8872

Resistance | 0.9092, 0.9156, 0.9219

EUR/GBP Chart: Daily Time Frame

Euro Outlook: EUR/USD, EUR/GBP Levels to Watch

Source: Refinitiv

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