FXstreet.com (London) - Light trading continues in the final trading days of this year. Markets made few significant moves in the previous session, but up trending stock markets continued. The Dow and the NASDAQ both posted small gains and continue printed fresh year highs.
Dollar was mixed against its major partners, but with no significant price movements. During the opening minutes in Asia today major Dollar pairs look like this: EUR/USD 1.4369/70 (-0.06%), Swissy 1.0357/59 (+0.13%), Cable 1.5998/00 (+0.01%), USD/JPY 91.73/74 (+0.13%).
EUR/USD is teetering around 1.44 level and seems to have consolidated around level, awaiting further cues. The pair will be mostly driven by the development of the Eurozone debt issues and the recovery of the American economy.
The pair has traded very thin this session and flat in early trade. Valeria Bednarik, collaborator at FXstreet.com guides us on the technicals: Hourly charts show the pair losing upside momentum and turning lower after breaking under the 20 flat SMA. 4 hours charts show indicators exhausted to the upside, favoring also a slightly bearish perspective for next hours. Find supports at 1.4350 then 1.4320.
On the upside find resistance at 1.4420 and then 1.4460.
The pair is trading to the downside, opening in Asia at 1.4372 and trading at 1.4365 at time of writing, off 7 pips in early trade.