FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
FxPro information and reviews
FxPro
88%
OctaFX information and reviews
OctaFX
86%

EUR/USD leaps to new tops near 1.2350


6 January 2021

EUR/USD surpasses the 1.2300 mark on Wednesday. Preliminary German inflation figures come up next. US ADP, FOMC Minutes next on tap across the pond. The single currency extends the rally for yet another session on Wednesday and pushes EUR/USD to fresh yearly tops in the proximity of 1.2350.

EUR/USD boosted by risk-on trade, usd-weakness


EUR/USD clinches its third straight session with gains amidst the generalized and strong presence of sellers around the US dollar. Also exacerbating the offered bias in the greenback, there seems to be increasing chances of a Democrat Congress, as vote counting in Georgia keeps leaning towards candidates Warnock and Ossoff.

In the euro docket, final German Services PMI came in a tad above the flash reading at 47 for the month of December. Later in the European midday, Germany will release its advanced inflation figures, also for the last month of 2020.

Across the pond, the ADP report is due seconded by Factory Orders, the EIA’s report on crude oil supplies and the FOMC Minutes of the December meeting.

What to look for around EUR


The upside momentum in EUR/USD regains fresh oxygen at the beginning of 2021 and the pair manages to trade past the 1.2300 mark for the first time since April 2018. So far, EUR/USD appears supported by prospects of a strong recovery in the region (and abroad), which is in turn underpinned by extra fiscal stimulus by the Fed and the ECB. In addition, real interest rates continue to favour the euro area vs. the US, which is also another factor supporting the EUR along with the huge long positioning in the speculative community.

EUR/USD levels to watch


At the moment, the pair is gaining 0.32% at 1.2335 and a breakout of 1.2345 (2021 high Jan.6) would target 1.2413 (monthly high Apr.17 2018) en route to 1.2476 (monthly high Mar.27 2018). On the other hand, the next support emerges at 1.2129 (weekly low Dec.21) seconded by 1.2058 (weekly low Dec.9) and finally 1.2032 (23.6% Fibo of the 2017-2018 rally).

#source

Share:


Related

The EUR/USD Price Prediction 2022. The Bulls or the Bears, Who Will Prevail?
The EUR/USD Price Prediction 2022. The Bulls or the Bears, Who Will Prevail?

Euro/US Dollar (EUR/USD), for which we will provide the price forecast for the year 2022, is the most actively traded currency pair on the foreign exchange market, also known as Forex or FX...

2 Dec 2021

The greenback remains calm
The greenback remains calm

EURUSD is rather calm on Thursday; the pair is waiting for the news. The major currency pair reached stability while waiting for the news. The current quote...

2 Dec 2021

EURUSD is "seasick"
EURUSD is "seasick"

EURUSD will have to consider an earlier reduction of the US QE programme. The major currency pair reached stability on Wednesday after "rolling in rough weather" the day...

1 Dec 2021

The demand in the greenback is increasing
The demand in the greenback is increasing

After making a short pause on Friday, EURUSD is falling again. The major currency pair is under pressure again after a short break. The current quote for the instrument...

29 Nov 2021

The Euro's oversold is a sign for more volatility to come
The Euro's oversold is a sign for more volatility to come

The Euro fell against the dollar to 1.1200, a new 16-month low, having lost more than 4% in the last four weeks. The downward trend in the single currency accelerated...

26 Nov 2021

EURUSD is knocked out again
EURUSD is knocked out again

After testing another “bottom”, the major currency pair is consolidating. EURUSD continued falling and tested another low yesterday; right now, it is consolidating....

25 Nov 2021


HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
AvaTrade information and reviews
AvaTrade
76%
LegacyFX information and reviews
LegacyFX
75%
FP Markets information and reviews
FP Markets
72%

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.