FX.co ★ IraniTrader | EUR/USD

EURUSD Price Behavior: How to interpret the price behavior of the EUR/USD currency pair is now up for dispute. Recently, the EUR/USD has been oscillating between 1.15709 and 1.16269, with a small decline to 1.14909 before swiftly recovering to the range's limits. There is a current buying trend, as seen by the quotes being above the top line. A retest of 1.15709, however, would produce a double top if there is a decline at 1.16049, indicating a possible reversal and an opportunity for a short position. With a potential long-term breach of 1.09909 and 1.09209, the initial aim is 1.10909–1.10709. It would be wise to update the high of 1.16109 and then go down to the same support level of 1.14709. The EUR/USD currency pair's medium-term trajectory offers several alternatives on the daily chart. When testing a sturdy resistance zone, there is a crucial point. The positive momentum may be jeopardized if Monday's movements result in either a price gain or a deeper fall. The scenario is made more complicated by the diagonal line below, which has not yet been tested. November's closure and possible dollar weakening could have an impact on a breakthrough of the closest level, which is located at 1.16239 on the Fibonacci grid, omitting the spread. December might pave the way for a big rally. In contrast to Europe, which lacks equivalent data, the US economic calendar for Monday contains statistics on construction permits granted at 16:00 and new home sales around 18:00. This information bias may expose the true movement of the market. Monday's economic calendar shows few European indicators, and until Wednesday, when GDP figures are revealed, there won't be much reliable data for the US. The price could rise as a result of this release.