Euro / US Dollar did not flinch response to China’s trade data release. Foreign buying interest emerged in Asia session. The main focus of the market this week is meeting EU and US fiscal data.
Last week the Euro / US Dollar traded in a range of 1.2900 and was stuck in tight range on Friday (12/10), according to Sean Lee, founder FXWW. Allegedly currency will move in the range of 1.2825-1.3080, added Mr. Lee. “The sell Euro back up, but if the bearish momentum has not increased, while the prospect of short-covering rally would re-occur.”
Level support Euro / US Dollar at EMA 200-day EMA (1.2863), while the 38.2% Fibonacci retracement level at 1.3145 will be a key resistance level after exceeding 1.3070 level (level 5 Oct). Support level at 1.2900 and MA200 at 1.2825 (May 21 level). Euro / US Dollar at 1.2920.