EURUSD continues choppy consolidation
 

(Click on image to enlarge)

The euro grinded sideways as the markets reopened after the holiday period. The current overall price action suggests that bulls are looking to hold onto their gains after the recent rally. The top of a previously faded rebound is the next stop as the pair flirts with the psychological level of 1.1800. A breakout above this zone would attract the conservative traders who have stayed on the sidelines, paving the way for an extension. 1.1740 is a fresh support in case of a prolonged consolidation.
 

EURGBP seeks support
 

(Click on image to enlarge)

The euro continues to struggle against its neighbour, as the pair declines. Prices are grinding against the daily support around 0.8710. A convincing breakout would force bears to close positions and trigger a broader recovery to the previous swing high above 0.8800. In the near term, the recent series of lower lows has driven the RSI into the oversold area, and a bounce could be necessary for sellers to catch their breath. Otherwise, the October low of 0.8670 could be the next target.
 

US 30 (Dow) pushing higher
 

(Click on image to enlarge)

The US 30 (Dow) drifted higher as stocks await the annual Santa rally. A break above 48500 has prompted sellers to cover their bets, helping the opposite side regain more confidence instead. The bulls are pushing towards the psychological level of 49000 in hopes of extending the uptrend. Zooming into the hourly action, 48800 is an intermediate resistance as the current trend shows higher highs are looking to continue.

More By This Author: