As the holiday season unfolds, EUR/USD exhibits resilience, maintaining gains above the crucial 1.0980 level. A robust bullish trend line, supported near 1.0980 on the 4-hour chart, underscores the Euro’s strength against the US Dollar. The pair successfully surpassed the 1.0920 level, entering a positive zone on the technical front.
Analysing the 4-hour chart, EUR/USD comfortably settled above the 1.0950 level, along with the 100 simple moving average (red, 4 hours) and the 200 simple moving average (green, 4 hours). With a pinnacle at 1.1040, the pair is presently consolidating gains near the 1.1000 zone. Key support lies at 1.0980, reinforced by a bullish trend line. Further support levels include 1.0945 and 1.0920, while a breach could lead to a test of 1.0840.
On the upside, immediate resistance resides at 1.1040, followed by a significant barrier at 1.1120. A breakthrough above 1.1120 may pave the way for further upward momentum, with a potential target of 1.1200.
Turning attention to GBP/USD, the pair sustains a positive stance, with bulls eyeing the 1.2850 level. Economic releases, such as the US Housing Price Index for October 2023 (MoM), are anticipated, with a forecast of +0.5%, compared to the previous +0.6%.
Amidst the holiday ambiance, EUR/USD technical strength and GBP/USD’s positive trajectory capture market attention, suggesting potential opportunities for traders as the year concludes. Investors await further developments in the currency market as economic data unfolds in the coming days.
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