EUR/USD remains stable under 1.0700

Market Analytics and Considerations

Key Notes

Due to the fact that the major markets are still closed for the New Year holiday, trading volume is still very minimal and the EUR/USD pairing is trading in a very narrow range under 1.0700 on Monday. Germany and the Eurozone’s December Manufacturing PMI surveys will be made public by S&P Global.

The previous bull run is showing signs of weariness in the EUR/USD pair during Monday’s weak trading session.

This causes the major currency unit to reverse the upside breach of the prior resistance line that served as support for the preceding day.

The bearish bias is strengthened by insights provided by the falling RSI and bearish MACD indicators in the EUR/USD combination.

For the major currency pair to reawaken the bears, 1.0690 must be clearly broken to the downside.

Nonetheless, approaching 1. a skyward support line from December 22 0665 & 1.0630, respectively, the 50-HMA and may act as a barrier to the quote’s future decline.

The late December swing bottom around 1.0570 may entice the pair’s bearish if the EUR/USD price continues sluggish after reaching 1.0630.

In contrast, buyers require confirmation first from monthly and imminent resistance lines, located around 1.0708 & 1.0713, respectively, in order to push prices forward towards the high in May 2022, which is close to 1.0785.

The 1.0800 might then test the EUR/USD bulls before pointing to the pivotal resistance line towards the north of 1.0936 from the flip crest in late April 2022.

Although a lower side seems to be developing recently, the EUR/USD remains mostly on the radar of buyers.

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