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18 Dec 2015

EUR/USD consolidates amid losses in European stocks

FXStreet (Mumbai) - The EUR/USD pair is trading largely unchanged on the day now, trading around 1.0820 levels amid the losses in the European stock markets.

Poised for a weekly loss

The shared currency appears poised for a weekly loss after the two straight weeks of gains. The Fed’s hawkish 25 basis point hike pushed the EUR/USD well below its weekly opening price of 1.0984 levels. The selling pressure also gained traction on account of the repeated failure to sustain above the 200-DMA at 1.1030 levels.

The trading activity may remain dull, heading into the weekend as volumes dry up ahead of the holiday season. The US markit services PMI and regional Fed manufacturing index may influence the pair. Losses in the European stocks could push US stocks lower and support EUR as well.

EUR/USD Technical Levels

The immediate support is seen at 1.08-1.0788 (50% of 1.0517-1.1060), under which the pair could drop to 1.0748 (23.6% of 1.1495-1.0517). On the other side, resistance is seen at 1.0890 (38.2% of 1.1495-1.0517), above which the pair could test 1.0940 (61.8% of Apr-Jun rally).
Dec 18, 2015

EUR/NOK momentum switched to negative

EUR/NOK momentum switched to negative
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Dec 18, 2015

JPY: BOJ surprises with qualitative enhancement of QQE – Goldman Sachs

Naohiko Baba, Research Analyst at Goldman Sachs, notes that the Bank of Japan (BOJ) maintained its monetary base target at the Monetary Policy Meeting (MPM) on December 17-18.
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