After hitting its highest levels of the month on Wednesday just under 1.1370 on Wednesday, EUR/USD has pulled back to within recent ranges.
Earlier in the session, the pair tested its 21-day moving average at the 1.1300 level, but has since rebounded to around the 1.1330, where it trades lower by about 0.1% on the session. The pair's failure to break above December's 1.1240-1.1360ish ranges is not overly surprising given that markets have been very much on holiday mode this week. Indeed, for many European nations, Thursday is the final trading session of the year, whilst for most European nations that do see markets open on Friday, it is a half-day.
Moreover, Weekly price action on EUR/USD shows the continuation of the long-term symmetrical triangle (black) with bias to the downside despite an oversold Relative Strength Index (RSI) reading. Further upside is on the cards but should prices reach the 1.1500 psychological level, sellers could re-enter the market extending the overall downtrend.
Earlier in the session, the pair tested its 21-day moving average at the 1.1300 level, but has since rebounded to around the 1.1330, where it trades lower by about 0.1% on the session. The pair's failure to break above December's 1.1240-1.1360ish ranges is not overly surprising given that markets have been very much on holiday mode this week. Indeed, for many European nations, Thursday is the final trading session of the year, whilst for most European nations that do see markets open on Friday, it is a half-day.
Moreover, Weekly price action on EUR/USD shows the continuation of the long-term symmetrical triangle (black) with bias to the downside despite an oversold Relative Strength Index (RSI) reading. Further upside is on the cards but should prices reach the 1.1500 psychological level, sellers could re-enter the market extending the overall downtrend.
