Daily FX Analysis
Forex News: Despite being overbought, the pair continued higher yesterday and even approached 1.2092, which is the highest price reached in 2017. Most of the move was due to US Dollar weakness but part of it was erased in the afternoon.
Forex News: Yesterday the market stood still as people around the globe celebrated the New Year, so we pick up where we left off Friday, right on the ley resistance at 1.2000.
Forex News: The entire last week was bullish and the final trading day of 2017 was no exception. Price broke the key resistance at 1.2000 but then retraced and finished the year very close to the level. The fundamental scene lacked any important releases.
Forex News: The pair continued on a bullish note yesterday and reached the long term resistance at 1.1945. Part of the reason behind the climb was the low trading volume and soft U.S. economic data.
Forex News: The pair picked up speed yesterday and broke the resistance at 1.1875, trading above 1.1900 at the time of writing. The U.S. Consumer Confidence survey did not have a huge impact on the market and overall volume remained low.
Forex News: Price action resumed yesterday but no substantial developments took place, as it was anticipated due to the low trading volumes.
Forex News: Markets and banks were closed yesterday due to Christmas and price action came to a total stop. Today some European countries celebrate Boxing Day, so market behaviour will be still uncertain.
Forex News: After a dip Friday the pair bounced at support and pushed higher but remained in a range. The economic data was mixed and did not have a strong impact on the pair’s direction.
Forex News: Yesterday the pair remained in a choppy and tight range, without any major developments. The bulls failed to capitalize on the break of resistance and price returned below the level. The lack of major economic announcements contributed to this behaviour.