The dollar strengthened

28 December, 2016

The dollar strengthened on Tuesday when some traders decided to take their chance to trade before New Year holidays.

Current situation

The pair maintained a neutral stance trading around Friday's closing levels on Tuesday. The euro struggled around 1.0450 during the day. The 4 hours chart showed that the price tested the 50-EMA. All moving averages maintained their bearish slope. The resistance is at 1.0450, the support comes in at 1.0400.

MACD indicator is at the centerline. If the histogram returns the negative territory, that will indicate sellers’ growing strength. If MACD enters into the positive area the buyers will take control over the market. RSI remained within neutral territory.

Trading recommendations

An advance beyond 1.0450 will help buyers to extend their gains towards 1.0500. On the other hand the price could fall to 1.0350 if sellers return control.


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