The EUR/USD pair falls under pressure due to a weakening European sentiment and a strengthening US Dollar. Holiday closures limit market activity.
The US Dollar gained strength on Monday as sentiment soured in Europe, pushing the EUR/USD pair lower. Trading activity remained limited due to a holiday-shortened week. Asian shares initially rose, which weighed on USD demand, but European markets turned negative, providing support to the US currency. Most major markets will be closed on Tuesday, with the holiday continuing until Thursday in Europe. Economic data releases are scarce. Germany reported a 0.
9% increase in the November Import Price Index. Later today, the United States will release the November Chicago Fed National Activity Index and December CB Consumer Confidence, which is expected to reach 112.9, up from 111.7. Technically, the EUR/USD pair shows a bearish outlook. It trades below all moving averages, with the 20 SMA declining below the 100 and 200 SMAs. Technical indicators also point downward, reflecting the ongoing selling pressure. In the short term, EUR/USD has fallen below the bearish 20 SMA and encountered resistance around 1.410. The Momentum indicator has sharply retreated from overbought levels and is poised to cross its 100 line into negative territory
EUR/USD US Dollar European Sentiment Holiday Closures Technical Outlook
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