EUR/USD forex technical analysis round-up: Dec. 20

ForexNewsNow | Published on December 20, 2010 at 5:00 am

NEW YORK (Forex News Now) – The euro was falling against the greenback today, trading at 1.3151 as of around 9:55 A.M., GMT.

The euro is down 0.30% from Friday’s close and has reached a session high of 1.3187 with a low of 1.3126 so far.

This is what the analysts say about the heavily traded currency pair in the near-term:

FXstreet writes that EUR/USD should trade between immediate support and resistance levels of 1.2972 and 1.3366.

“I am still looking for a quick move down to 12980 but at that level I would expect a small bounce before the next leg lower down to 12662,” it writes in intraday analysis.

Investija.com notes that the currency pair’s bears declined the price sharply towards support barrier at 1.3164, at the moment concentration is extended.

“Despite the previous bearish movements, while support level is still active, look for waiting options at the moment. Just below support level, bears can gain more strength and extend their short term downswings. Significant barrier at 1.3164 stands, need a confirmation of breakout in order to support bearish side,” it adds in analysis for FX traders.

Finally, Forexcycle writes that EUR/USD broke below 1.5165 support last week, suggesting that the rise from 1.2969 had completed at 1.3497 already.

“Deeper decline is now in favor and next target would be at 1.3000 area. Resistance is at the downtrend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue,” the realtime forex news site adds.

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