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Old 27-12-2018, 11:21
ObasiFXMart ObasiFXMart is offline
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Default Re: Daily Market Analysis by ForexMart

EUR/USD Fundamental Analysis: December 27, 2018



After the holidays, the pair has moderate gains while the pair undergoes pressure on Wednesday, removing weekly gains. However, despite no macroeconomic data releases and thin trading sessions, the dollar strengthened amid the rising US Treasury bond yields. It was able to move steadily above the level of 96.50, which supports the greenback and declined lower than 1.14 and further moved as low as 1.34. The risk appetite has restricted the losses after the Wall Street rally and optimistic Asian equity market by the year-end trading session. To some level, this sustains the volatility and recoup from losses and return to the level of 1.38.

Fundamental data are expected from the ECB and two economic data namely the dovish CB Consumer Confidence and new home sales data that is anticipated to give a rising forecast for the month of November. Nonetheless, no matter how the data came out, the pair is likely to move range-bound amid the thin market for holidays which may limit any major upward movement. Next week’s forecast will probably be the same during the holidays for this week.

On a technical aspect, the price continues to have a bearish pressure in the present and future trading. Short-Term support was found close to the 200-SMA and base of the weekly range with some sort of bearishness to 20-SMA. However, below the midlines lacking any strength gives a neutral stance with uncertain direction.
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