22 Dec 2014
EUR/USD rises from 200-month moving average
FXStreet (Mumbai) - The EUR/USD pair is trading at the day’s high, after having bounced-off from the 200-month moving average located at 1.2230 levels.
The pair currently trades 0.28% higher at 1.2261, well-above 1.2247 levels, which is a previous cyclical low hit on Dec. 8. Moreover, the pair has posted a strong recovery on three occasions in the last four years after having tested the 200-month moving average. On past two occasions – June 2010 and July 2012 - the pair posted a strong rebound from the 200-month average levels located then at 1.1879 and 1.2026 levels respectively.
Meanwhile, no major data is due out of the Eurozone today. Thus, chart based trading is likely to be seen throughout the European session.
EUR/USD Technical Levels
The pair has an immediate support located at 1.2247 (Dec. 8 low), under which a strong support is seen at 1.2230 (200-month MA). Meanwhile, resistance is seen at 1.2275 and 1.23 levels.
The pair currently trades 0.28% higher at 1.2261, well-above 1.2247 levels, which is a previous cyclical low hit on Dec. 8. Moreover, the pair has posted a strong recovery on three occasions in the last four years after having tested the 200-month moving average. On past two occasions – June 2010 and July 2012 - the pair posted a strong rebound from the 200-month average levels located then at 1.1879 and 1.2026 levels respectively.
Meanwhile, no major data is due out of the Eurozone today. Thus, chart based trading is likely to be seen throughout the European session.
EUR/USD Technical Levels
The pair has an immediate support located at 1.2247 (Dec. 8 low), under which a strong support is seen at 1.2230 (200-month MA). Meanwhile, resistance is seen at 1.2275 and 1.23 levels.