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EUR/USD Higher on Year's End Profit Taking

December 29, 2017 09:54

The previous EUR/USD analysis went exactly as expected and EUR/USD is challenging 1.2000 zone. Month's end fixing and additional yearly profit taking could also spur a new wave of sellers later in the day. Bullish rejections could happen within 1.1950-60 zone and 1.1900-10 while we may see sellers within 1.2007-1.2027. However, if the price proceeds upwards without any sign of making a u-turn, then traders should watch daily resistance levels (historical swing highs) and divergence around that particular levels. An excellent tool to use for a daily chart overlay on a trading timeframe is Admiral Mini Chart.

Watch for volatility today as the New Year is approaching. We might see larger price swings that are almost impossible to predict because they are influenced by the lighter trading volumes.

Happy New Year and see you in 2018!