Eurusd Strong On Thin Volumes

 Eurusd Strong On Thin Volumes

Eur/Usd Strong Under 1.0800 On Thin Volumes

EUR/USD can be seen on solid footing as it sits comfortably under the 1.0800 handle. The trading volume will remain thin through the rest of the Monday due to the US holiday.

Another factor that is responsible for thin volumes is the upcoming Fed minutes. Many traders are waiting for the release of meeting minutes to reposition themselves.

Eur/Usd 4-Hr Rsi Above 60

Since we are talking about EUR/USD, the market players will closely watch the monthly report from the German Bundesbank.

On the 4-hour chart, the RSI has already touched 60, which indicates that the bulls have claimed the short-term. Looking ahead, the 1.0800 remains essential as it was the 23.6% fib retracement, which makes it a solid resistance.

So, if the EUR/USD can climb above the 1.0800 handle, the next target is the region between 1.0850 and 1.0860, where the 200 SMA is located. Next is the 1.090 resistance, which can act as a bullish target for EUR/USD.

Looking below, the most reasonable support is between 1.0760 and 1.0750, where the 50 and the 20 SMA are located. After that, the most probable support is the 1.0700 - 1.0710.

During the last week, the price action of EUR/USD was dominated by the bears, but it changed during the week's first trading day (Monday). Given the bullish short-term momentum, the EUR/USD may close this week in the green after all.

On Friday, the PPI from the USA was released, which showed a strong reading for January. As a result, the USD managed to close Friday's session in green.

Looking ahead, the economic calendar remains thin, which means technical factors will primarily drive the EUR/USD.

The bond and the stock markets will remain closed for the rest of the day due to the US holidays. So, if we see some directionless price action in the EUR/USD, it will not be entirely unexpected.

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