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Dec 31 - 03:55 PM

EUR/USD - Posts 9% Rise In 2020, Eyes 2018 Highs In 2021

By Randolph Donney  —  Dec 31 - 01:44 PM

  • Big year for EUR/USD bulls on the back of a beleaguered dollar

  • Up 9% on the year and 15% from March's pandemic shock low

  • Pulls back on final trading day amid year-end book-squaring

  • Bundesbank President Jens Weidmann nL1N2JA1N8 spooked a few longs

  • EUR/GBP also sold after swaps trading grace period news nL8N2JB18Z

  • EUR/USD under some pressure from overbought RSI divergence on dailies

  • Dollar also got intraday risk-off lift on Trump's return to WH nL1N2JB10T

  • Close below the 21-DMA, last at 1.2182, would signal a bigger correction

  • But Fed-led USD slide suggests eventual EUR/USD retest of 2018's 1.2556 high

  • Interim target is the 161.8% Fibo off November's base at 1.2435

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Refinitiv IFR Research/Market Commentary


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