Since December 3 EURUSD moved in a range where its volatility stabilized. Price moves between 1.0800 – 1.1055. Christmas season caused even more reduction in price volatility. Since 5 sessions movement is equal to 100 pips and lasts between support 1.0870 and the resistance 1.0977.
Today 1.0977 level was tested. If demand breaks above this resistance next targets will be at levels: 1.1027, 1.1055, 1,1120. The strongest one from that levels is December’s high 1.1055. However if rebound occurs nearest supports will be at levels: 1.0905, 1.0870, 1.0835, 1.0800. It is likely that 1.0800 (December’s 7 low) won’t be easily broken but if it occurs next support will be located at 1.0730 level.
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