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by ForexNewsNow Team on December 21st, 2010

EUR/USD forex technical analysis round-up: Dec. 21

NEW YORK (Forex News Now) – The euro was rising against the greenback today, trading at 1.3162 as of around 9:00 A.M., GMT.

The euro is up 0.24% on the day and has reached a session high of 1.3201 with a low of 1.3114 so far.

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

Forexcycle writes that EUR/USD stays below a downtrend line on 4-hour chart and remains in downtrend from 1.3497.

“Resistance is at the falling trend line, now at 1.3275, as long as the trend line resistance holds, downtrend is expected to continue and next target would be at 1.3000 area,” it adds in intraday analysis.

Investija.com notes that EUR/USD bears managed to plunge below support 1.3164 price level, however bulls showed some signs of slow recovery.

“Narrow consolidation is formed near support barrier, at the moment waiting action is better option with possible selling opportunities when candles remain below support level. For now, waiting options are valid,” the realtime forex news site adds.

Finally, Mizuho Corporate Bank notes that the currency pair is trying to hold above 50% Fibonacci retracement support at 1.3080, ahead of the late November low at 1.2969.

Regarding strategy, the site advises FX traders: “Not really worth bothering with but if you really need to attempt small longs on a dip to 1.3125; stop below 1.3050. First target 1.3300.”

By ForexNewsNow Team

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