EUR/USD - movement in consolidation
Since December 3, EUR/USD moved in a range where its volatility stabilized. Price moves between 1.0800 - 1.1055. Christmas season caused even more reduction in price volatility. Since 5 sessions, movement is equal to 100 pips and lasts between support 1.0870 and the resistance 1.0977.
Today 1.0977 level was tested. If demand breaks above this resistance, next targets will be at levels: 1.1027, 1.1055, 1,1120. The strongest one from that level is December's high 1.1055. However, if rebound occurs, nearest supports will be at levels: 1.0905, 1.0870, 1.0835, 1.0800. It is likely that 1.0800 (December's 7 low) won't be easily broken, but if it occurs, next support will be located at 1.0730 level.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.