EUR/USD has lost its bullish momentum and retreated to the 1.0650 area after registering modest gains on Thursday. In the absence of high-impact macroeconomic data releases, investors are unlikely to commit to large positions on the last trading day of the year. Hence, EUR/USD should continue to fluctuate in its weekly range.
The positive shift witnessed in the risk mood on Thursday made it difficult for the US Dollar to find demand and helped EUR/USD push higher. Bargain shopping ahead of the New Year holiday may have triggered the rally in Wall Street's main indexes as there were no apparent fundamental drivers that could have impacted the sentiment significantly. The price is still inside a bullish channel where a Divergence on the stochastic, in confluence with a resistance area can give the bearish impulse that we are looking for.
The positive shift witnessed in the risk mood on Thursday made it difficult for the US Dollar to find demand and helped EUR/USD push higher. Bargain shopping ahead of the New Year holiday may have triggered the rally in Wall Street's main indexes as there were no apparent fundamental drivers that could have impacted the sentiment significantly. The price is still inside a bullish channel where a Divergence on the stochastic, in confluence with a resistance area can give the bearish impulse that we are looking for.
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