The euro fell slightly during Wednesday’s trading session, but turned to regain the 1.13 level. Right now we’re stuck in a range bound situation, and I think that will be where we end up by the end of the year. Currently, the 1.1375 level is significant resistance, while the 1.1225 level is significant support. All other things being equal, this is a market that I think will continue to weigh on, so I think we still have a little bit of work to do on the upside before we sell again.
EUR / USD Video 23.12.21
When you look at this chart you can see that the 50 day EMA hits the 1.14 handle so I think at that point we would see huge resistance as well. All other things being equal, this is a market that I think has nowhere to be, but it’s not necessarily something new for this pair. Ultimately I think we’ll just look for signs of exhaustion above what we can sell, but I’m keeping my position size small this time per year as liquidity could be a major issue. A sudden spike can be very costly due to the liquidity of the markets, so you need to be careful about it.
I think we will have a bigger move, but it will probably be in January of next year, because frankly, it’s a bit too much to ask the market to get overly excited about anything by the day of. the year
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