There were no profitable movements on Tuesday with many investors being already on vacation shortly before the Christmas break. As recommended, we have adjusted our risk management to the quiet market conditions during the last trading days of 2016 and did not reinvest any major gains.
EUR/USD: The euro dropped below 1.0365 on continued dollar strength but found a new support at 1.0350 as bearish momentum is decreasing. Amidst a quiet market environment we now expect the euro to trade consolidated between 1.0480 on the upside and 1.0350 on the downside. A break above 1.0480 may drive the pair for a test of 1.05 and 1.0530, whereas a break below 1.0340 may lead to further losses toward 1.03.
GBP/USD: The current support at 1.23 remains firmly intact. With no market-moving data on the docket we anticipate the cable’s price action to be limited to a 200-pip range in short-term time frames. Potential upward movements might be limited to the 1.25/1.2550-resistance area while a downswing could be limited to 1.2280.
U.S. Existing Home Sales are scheduled for release at 15:00 UTC but this report is not expected to have a significant impact on the greenback.
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