Exclusive EUR/USD Analysis 12.12.2016

EUR/USD Still Under Pressure

The extension of ECB’s QE program pulled down the EUR/USD towards 1.0500 support. The ECB Quantitative Easing purchases per month were decreased from EU80Bn to EU60Bn and the market was looking for the cues of an eventual end of the QE, that didn’t happen.

Technically the EUR/USD is retracing up the trend line towards POC zone (61.8, EMA89, bearish order block) 1.0620-40. Retracement is supported by a regular bullish divergence at 1.0525. The POC zone could provide rejection and the EUR/USD should retest 1.0500 zone should 1.0680 holds. Traders should also pay attention to 1.0602 as it is an interim resistance. If the pair rejects from H4 or POC zone the targets are 1.0550 and 1.0525. 4h close or 1h momentum below 1.0525 target 1.0505 and 1.0455.

EUR/USD Chart
EUR/USD Chart

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets.

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Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.