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by ForexNewsNow Team on December 27th, 2010

EUR/USD forex technical analysis round-up: Dec. 27

NEW YORK (Forex News Now) – The euro was rising against the dollar today, trading at 1.3155 as of around 7:40 A.M., GMT.

The euro is up 0.31% on the day and has reached a session high of 1.3170 with a low of 1.3073 so far.

This is what the analysts say about the heavily traded currency pair in the near-term: writes that EUR/USD support barrier holds bears side from further negative movement extension.

“According to the current time frame, 4 hours – narrow trading range is valid between support and resistance levels. Bullish recovery is expected only above resistance barrier at 1.3187, for now short term options are valid between 1.3060 and 1.3187 levels,” it writes in intraday analysis.

Forexcycle notes that the currency pair might be forming a cycle bottom at 1.3055 level on 4-hour chart.

“Consolidation of downtrend from 1.3497 is expected and bounce to 1.3250 area to reach next cycle top would likely be seen. Support is at 1.3055, below this level could trigger another fall to test 1.2969 support,” the realtime forex news site adds.

Finally, FXstreet suggests in EUR/USD analysis that the currency pair will trade in a range between 1.2960 and 1.3180.

“Euro gapped lower after China rise rates on Christmas Day for a second time in just over two months as Beijing strengthened its battle against rising inflation. Dollar opened with a strong note on the news, sending EUR/USD to 1.3090 price zone: pair holds a bearish tone in the hourly chart, and hold around 1.3100 ahead of Nikkei opening with 1.3080 again the key support to follow, as represents the 50% retracement of the last weekly bullish run from 1.1870 to 1.4280,” it adds.

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