Forex trading - a look at the EUR/USD movements this week

forex trading – The euro witnessed a state of fluctuation during this week’s trading, and this comes in light of the continued trading of the US dollar near its highest level in 14 years against the basket of major currencies, which kept the euro in its sideways trading this week.

The volatility in the euro levels returns during Friday's trading at the end of the week today, in light of the weak trading volumes in the financial markets ahead of the Christmas holidays in the global markets, which are witnessing a great shortage of financial liquidity, which pushed the euro to continue the sideways movement.

On the other hand, yesterday, Thursday, the European Central Bank issued an economic bulletin, which clarified the decision-makers’ interest in the inflation rate, which may reach the bank’s target of 2% in the medium term, which helped the euro to rise in a limited range yesterday, before returning to volatility at the end The week after it reduced its rise before closing yesterday's trading.

Inflation rate expectations helped the euro recover in light of the possibility of the European Central Bank adjusting its stimulus program, which would reduce the euro's monetary liquidity in European markets, which helps to return the euro to recovery.

Analytical outlook for the EUR/USD pair EURUSD   During this week

The euro-dollar pair is trading at the level of 1.0445, the pair traded in a limited range over the course of the week between the support level at 1.0351 and the resistance level at 1.0498, as shown in the graphic, within the occasional and limited trading, in light of the US dollar holding on to its highest level in 14 A year after the US interest rate hike this month.

forex trading

forex trading

Trading is now taking place at the moving average indicator line, and both Stochastic and MACD are showing a positive crossover towards the bullish trend on the four-hour time frame.

Therefore, the EUR/USD pair is expected to rebound towards the downside to retest the resistance level at 1.0498, and if the pair succeeds in breaching this level and stabilizing above it, we will witness more rise to target the next resistance level at 1,0550.

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Mohamed Abdel Khaleq
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