Daily Forex review of EUR/USD
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Economic news
During the early trading session today, the euro continues its decline which started in the very early hours of Thursday. The single currency reversed its original gains accumulated yesterday as the US post fiscal cliff status takes effect.
The euro’s lower trading against the dollar is attributed to the recovery of the American currency from its instant losses, after US lawmakers reached a compromise fiscal cliff deal.
The pair was trading at 1.3163, down 0.20% to its opening price of 1.3188 at the time of writing this report.
Looking further in the day, a market influence on the single currency from inside the Eurozone is likely to come from the release of Germany’s unemployment figures for December. Marketers anticipate that the figure will remain almost untouched at 5.9%, compared to the previous one.
A significant influence is expected to come from the minutes of the December Federal Reserve meeting as market makers are more interested in this data.
Technical analysis
EUR/USD
During yesterday’s trading session, the euro depreciated from 1.3290 to 1.3155 USD and this morning day's range is 1.3126 - 1.3140 USD.
If the euro overcomes the resistance zone of 1.3140 - 1.3160, its aim will be reaching and testing the 1.3180 - 1.3200 zone. If successful, the upward trend will continue to 1.3225 - 1.3245.
Should the euro fall below the support zone of 1.3125-1.3100 USD, it is likely to find its next support in the 1.3080 - 1.3060 area. In case of a breakdown, the downward trend will continue to 1.3040 - 1.3020.
Source: dfmarkets.co.uk
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