EURUSD continues choppy consolidation
The euro grinds lower as CPI data in the US remained steady. The current overall sideways action suggests that the bulls are looking to hold onto their recent gains after the recent rally. The top of a previously faded rebound at 1.0620 is the next stop as the pair flirts with the psychological level of 1.0500. A bullish breakout would attract the conservative ones who have stayed on the sidelines, paving the way for an extension. 1.0450 is a fresh support in case of a prolonged consolidation.
EURGBP seeks support
The euro continues to struggle against its neighbour as the pair continues its descent. Prices are grinding the daily support around 0.8230 from November’s sell-off. A convincing breakout would force the bears to close positions and trigger a broader recovery to the previous swing high at 0.8360. 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. 0.8200 is a significant level to keep the current bearish momentum intact.
US 30 (Dow) breaks key support
The US 30 (Dow) drifted lower as stocks await the final Fed decision of the year. A break below 44800 has prompted more buyers to cover their bets, helping the opposite side regain confidence instead. The bears are pushing towards the psychological level of 44000 in the hope of resuming the downtrend in the medium term. Zooming into the hourly action, 44400 is an intermediate resistance, as the current trend shows a break at 44000 could prolong the sell-off.
Test your trading strategy on forex and stocks with Orbex
The post Intraday Analysis 12.12.2024 appeared first on Orbex Forex Trading Blog.
