EUR/USD forex technical analysis round-up: Dec. 15

ForexNewsNow | Published on December 15, 2010 at 4:13 am

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NEW YORK (Forex News Now) – The euro was falling against the greenback today, trading at 1.3333 as of around 9:00 A.M., GMT.

The euro is down 0.336% on the day and has reached a session high of 1.3382 with a low of 1.3290 so far.

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

Investija.com writes that EUR/USD bulls tried to initiate a breakout at resistance barrier of 1.3415, however false breakout occured and bears declined the price.

“At the moment low movement towards support level is expected. While resistance and support levels are valid, further jumping up and down is possible. Stronger movements are valid just when breakout is confirmed at resistance or support levels,” it adds in its intraday analysis.

Forexcycle, for its part, writes that the currency pair pulled back from 1.3497 after breaking above 1.3437 resistance.

“Now the fall from 1.3497 could possibly be resumption of downtrend, deeper decline to test 1.3165 key support would likely be seen, a breakdown below this level will confirm the resumption of downtrend. Resistance is at 1.3497, only break above this level could take upside further to 1.3600 area,” the realtime forex news site adds.

Meanwhile, Compass Global Markets notes that EUR/USD is still neutral, but a possible clean break below 1.3330 should see the short term market target 1.3100 and turn us to a new bear.

“US data continues to beat expectations with the concerns of the PIIGS states only growing this should only result in the Euro falling in the medium to longer term. We will be looking to sell on the break of 1.3330 with a tight trailing stop during Asia today,” it adds in its advice to FX traders.

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