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EUR/USD finds resistance at 1.1350 and retreats modestly

12/17/2018, 11:32:18 AMMarket Analysis
EUR/USD finds resistance at 1.1350 and retreats modestly

The EUR/USD pair peaked earlier at 1.1352. It failed to hold on top of 1.1350 and pulled back to 1.1330. Since the beginning of the US session it has been trading between 1.1330 and 1.1350, consolidating daily gains. 

A weaker US dollar supported the move to the upside across the board that opened the week retreating after Friday’s rally. Over the week, the key event will be the FOMC meeting. A rate hike is widely expected. US President Trump today criticized the central bank for its rate hike policy again. 

The euro rose over the last hours against the pound and also trimmed losses versus the Swiss franc. EUR/CHF is trading back at the 1.1260 area while EUR/GBP is testing levels on top of 0.9000 again.

Levels to watch 

To the upside, the immediate resistance is the 1.1350 zone, followed by 1.1365 (Dec 14 high) and 1.1395 (Dec 13 high). On the downside, support levels could be seen at 1.1330 (US session low), 1.1295 (Dec 17 low) and 1.1265/70 (last week low).