EUR/USD retraces to 1.1038/1.1045

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At the end of the year US firms book losses on assets to reduce their annual profit and with it the taxable income. It occurs by selling stocks, bonds, other currencies on last day of the year and buying them back on the first day of trading. Namely, big players are selling everything against the Dollar, which is boosting the USD value.

The surge of the Euro against the US Dollar is reacting to the last day of the year phenomena with a retracement to the 1.1038/1.1045 zone that is acting as support.

A passing below 1.1038/1.1045 could look for support in the 1.1000 mark, the 200-day simple moving average, the 1.1008/1.1013 zone and the weekly simple pivot point at 1.1020. Below the cluster of support levels, note the 1.0930/1.0935 range.

On the other hand, a recovery of the Euro against the US Dollar is expected to be slowed down by the 1.1100 level and the 50-hour simple moving average. Higher above, the 1.1120/1.1140 range is set to act as resistance.
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Fri, 29 Dec 2023 15:14:04 GMT

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