EURUSD Technical Analysis: Rebound Attempts Have Stopped
Enter your emailhas maintained its recovery from November lows below the 1.12 support but has repeatedly turned away from technical resistance near the 1.1356 level, which could continue to keep the single European currency under wraps as the curtain closes for the 2021 trading year
Juan Manuel Herrera, analyst at Scotiabank, said in a research note on Friday, “Price action does not show much directional bias in the short term but the chart overview is negative based on the Euro’s multiple failures to advance beyond mid/higher 1.13 during Last month. Risk/reward alone prefers to sell EUR here to retest the low/medium level of 1.2 ."
“The US dollar could benefit from negative Omicron news, although its position is still stretched and bare for further declines through the end of the year,” Valerie Bernstein, analyst at Citi FXWire, said in a market commentary last week. “Price action continues to be exacerbated by the liquidity conditions during the holiday, and with the CitiFX Flows & Positioning Report indicating that the US dollar is the most significant long into the end of the year.
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