Forex Analysis
by ForexNewsNow Team on December 29th, 2010

EUR/USD forex technical analysis round-up: Dec. 29

NEW YORK (Forex News Now) – The euro was rising against the greenback today, trading at 1.3146 as of around 8:00 A.M., GMT.

The euro is up 0.24% on the day and has reached a session high of 1.3157 with a low of 1.3084 so far.

This is what the analysts say about the heavily traded currency pair in the near-term: writes that EUR/USD support level holds bearish side from further movement to the bottom, at the moment look for short term rebounds near support and resistance levels.

“Lately, false breakout occurred at resistance 1.3187, bulls can gain strength just above 1.3310 price level. For now, waiting action holds with short term opportunities in the support, resistance range,” it adds in intraday analysis.

Forexcycle notes that the currency pair formed a cycle top at 1.3274 on 4-hour chart.

“Key support is at 1.3055, a breakdown below this level will confirm the cycle top, then another fall towards 1.2800 could be seen. Resistance is at 1.3274, only break above this level could bring price back towards 1.3497 previous high,” the realtime forex news site adds.

Finally, FXstreet sees EUR/USD trading in a range between 1.3000 and 1.3180.

“The ECB failure to neutralize the extra liquidity created by its bond purchases for a second time since the program began in May also weighed on the pair that holds a strong bearish tone according to hourly chart: market has not been really able to hold below the 1.3100 area, so confirmations below 1.3060 are needed to see the pair extend the slide towards 1.2960 price zone,” it adds in EUR/USD analysis.

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