The euro declined against the dollar in the last working day of 2015. The single currency broke the neutral move and lost significant ground against the dollar. If bearish sentiment continue in the future, the support at 1.0795 will be overcome. Thursday session started at 1.0930 and the negative trend became prevalent around noon. It continued to the very end and thus the price of closure coincided with the lowest value for the day - 1.0858.
On yesterday session the EURUSD went back and forward with a high range and closed in the red, in the middle of the daily range in addition managed to close below previous day low, suggesting a bearish momentum continues to rule.
The pair closed for the second time below 10-day moving average that is now acting as a dynamic resistance and is supported by the 50-day moving average.
The key levels to watch are: the 1.0900 (resistance), the 10-day moving average at 1.00898 (resistance), the 1.0819 (support), the 50-day moving average at 1.0800 (support) and a Fibonacci extension at 1.0703 (support).
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.