EUR/USD forex technical analysis round-up: Dec. 22

ForexNewsNow | Published on December 22, 2010 at 4:55 am

NEW YORK (Forex News Now) – The euro soared against the dollar today, trading at 1.3168 as of around 9:50 A.M., GMT.

The euro is up 0.52% on the day and has reached a session high of 1.3168 with a low of 1.3081 so far.

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

Investija.com writes that EUR/USD bears are slowly declining the price, and that a movement towards support barrier to 1.2992 is expected.

“Bulls can gain more strength just above 1.3200 barrier. For now, bears are in good shape and control of situation. Consolidation is formed in the middle of resistance and support levels, however, bears are in better position at the moment,” it writes in intraday analysis.

Forexcycle, for its part, notes that the currency pair is staying below a downtrend line on 4-hour chart and remains in downtrend from 1.3497, and that the fall extended to as low as 1.3073 level.

“As long as the trend line resistance (now at 1.3225) holds, downtrend is expected to continue and next target would be at 1.3000 area,” the realtime forex news site adds.

FXstreet sees the currency pair trading in a range between 1.2956 and 1.3336.

“Two scenarios I see here. We either move higher in wave C towards the 50% level then move down strongly OR this is a sub-wave 1 down and we retrace soon towards 13336 – 13398. Either way I expect a pullback soon. Look for a higher high and higher low as the first indication or a very bullish candle formation,” it adds in advice to FX traders.

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