The euro fell in a limited range at the beginning of market trading Forex This week against a basket of currencies, and over the course of the past week, the euro was able to recover from its lowest level in 14 years, which it recorded after the US Federal Reserve announced an increase in interest rates on the US dollar, which led to the decline of the euro and the rest of the other currencies against the US currency.
Calm dominated the euro's trading in light of the lack of financial liquidity and affected by the Christmas and New Year holidays, and the absence of important economic data from Europe from the daily economic agenda until early next week.
On the other hand, the US dollar index was able to compensate for most of the losses it incurred last week as a result of profit-taking and correction operations from the highest level in 14 years, which led to the euro stopping its rise at the beginning of the week's trading.
The euro is still under pressure from Italy's referendum on constitutional amendments, which resulted in the Italian people's rejection of these amendments, which prompted the Italian Prime Minister to submit his resignation. worth 8.8 billion euros.
Forex – EURUSD Weekly Technical Outlook
The euro rebounded to the upside over the course of last week's trading, from its lowest level in 14 years at 1,0351, and the euro-dollar pair is now trading at the level of 1.0457
Calm dominates trading as a result of the lack of cash in the markets in light of the celebration of Christmas and the New Year.
The EUR/USD pair is trading below the level of the average moving indicator line, while both the MACD and the stochastic indicator show a positive crossover towards the bullish trend on the daily time frame, as shown in the graph.
Therefore, the pair is expected to continue the bullish wave that it started last week, to target the next resistance level at 1.0511, and if the pair succeeds in breaching this price and stabilizing above it, the pair is expected to continue rising to target the next resistance level at 1.0620, in conjunction with the presence Fibo line 23
The expected trading levels this week for the EUR/USD pair is between 1,0351 and 1,0620
The general trend of the pair this week: upwards
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