EUR/USD climbs to fresh session tops around mid-1.1400s, will it sustain?
• The USD bulls held on the defensive and helped regain positive traction.
• Further gains likely to remain capped amid year-end thin liquidity conditions.
The EUR/USD pair built on its steady intraday climb and is currently placed at the top end of its daily trading range, around mid-1.1400s.
The pair quickly reversed an Asian session dip to the 1.1420 region and turned positive for the third consecutive session amid some renewed US Dollar selling pressure.
Expectations of a dovish Fed next year, along with a partial US government shutdown kept the USD bulls on the defensive and turned out to be one of the key factors driving the pair higher.
Apart from broad-based USD weakness, the uptick lacked any obvious fundamental catalyst and hence, runs the risk of running out of steam ahead of Friday's swing high, nearing 100-day SMA important barrier.
Moreover, traders might also refrain from placing any aggressive bids amid relatively thin liquidity conditions on the New Year's Eve and might further collaborate towards capping gains.
Hence, it would be prudent to wait for a sustained breakthrough the mentioned hurdle before traders start positioning for any further near-term positive momentum.
Technical levels to watch
Today Last Price: 1.1448
Today Daily change: 6.0 pips
Today Daily change %: 0.0524%
Today Daily Open: 1.1442
Previous Daily SMA20: 1.1375
Previous Daily SMA50: 1.1373
Previous Daily SMA100: 1.1478
Previous Daily SMA200: 1.1671
Previous Daily High: 1.1478
Previous Daily Low: 1.1426
Previous Weekly High: 1.1478
Previous Weekly Low: 1.1343
Previous Monthly High: 1.15
Previous Monthly Low: 1.1216
Previous Daily Fibonacci 38.2%: 1.1458
Previous Daily Fibonacci 61.8%: 1.1445
Previous Daily Pivot Point S1: 1.1419
Previous Daily Pivot Point S2: 1.1396
Previous Daily Pivot Point S3: 1.1367
Previous Daily Pivot Point R1: 1.1471
Previous Daily Pivot Point R2: 1.15
Previous Daily Pivot Point R3: 1.1523