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technical analysis

The three-day Santa Claus rally pushed equities to break new highs. By Friday’s close, the S&P500 index closed at 3240 while the Dow Jones gained a modest 23.87 points. The US dollar was weaker amid falling global trade tensions. Economic data was sparse on Friday with the exception of Japan. The weaker USD pushed most of its peers onto a strong rally.

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Euro Gains 0.72% on the Day

The weakening USD gave a push to the common currency on Friday which closed over 0.72% on the day. Economic data from the Eurozone was quiet with only the ECB’s economic bulletin coming out. Most of the gains in EURUSD were driven by the USD weakness.

EURUSD Could Reverse off Resistance

The currency pair’s gains saw the euro rising to the 1.1177 – 1.1193 region. As long as this resistance area is not breached, the currency pair could be pulling back. We expect EURUSD to remain range-bound within the resistance level and the lower support at 1.1131.



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