EUR/USD Supported After Poor Weekly Start



The pair slumped at the start of the year, mostly due to aggressive expectations around the Fed's rate hike path and the rise in US yields, as the monetary policy differential is unfavorable.

This has created increased risk for a breach of the ascending trend-line form November's 2021 low (at mid-1.1200s), but that low (1.1185) will require more effort.

Today however, the common currency rebounds and reclaims the EMA100 (black line), continuing this pull and push around it that has characterized it for a month now.

This can give it the opportunity to push again for the 38.2% Fibonacci of the "October High/November Low" drop (1.1380), but a strong catalyst will be needed for a bigger recovery towards and beyond 1.1330-40.

Trade the News: View our Economic Calendar

As such, the technical outlook has not changed much form the previous analysis, as markets await key data, mostly from the US. Minutes from the Fed's December monetary policy meeting are due later today, whereas on Friday, we expect the US Jobs report and Eurozone's preliminary CPI Inflation.

Past Performance: Past Performance is not an indicator of future results.

Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.


Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.

Past Performance: Past Performance is not an indicator of future results.

Spreads Widget: When static spreads are displayed, the figures reflect a time-stamped snapshot as of when the market closes. Spreads are variable and are subject to delay. Single Share prices are subject to a 15 minute delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions or delays, or for actions relying on this information.

${} / ${getInstrumentData.ticker} /

Exchange: ${}

${} ${getInstrumentData.divCcy} ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%) ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%)

${getInstrumentData.oneYearLow} 52/wk Range ${getInstrumentData.oneYearHigh}