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technical analysis

Equity markets broke fresh ground on Thursday. Reports indicate that Washington is ready to cut the existing tariffs by half on over $360 billion goods.

There is also speculation that the US will cancel the new tariffs due to kick in from December 15th. The news comes just when doubts began to rise on whether both parties would reach a deal before the December 15th deadline.

Euro Trades Weak After ECB Inaction

The euro gave back the gains on Thursday. The ECB held its monetary policy meeting under the guidance of newly appointed Christine Lagarde.

The ECB held interest rates steady and did not make any major changes to its forward guidance.

EURUSD Retreats Off Resistance

The euro hit the resistance price level of the 1.1131 region. Failure to post a convincing breakout above this level saw prices retreating. With resistance established at this level, we expect the common currency to decline in the near term.

The first support level at 1.1100 remains key. A breakdown below this level w...

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