EUR / USD
The euro lost ground and fell in early trading on Tuesday, as the dollar regained momentum in Asian trading after the holidays.
This week, traders are focusing on key US economic data for more clues on US monetary policy as an accelerating economy could create conditions for rate hikes.
New weakness recovered Monday’s gains and again put pressure on psychological 1.20 support, which guards the next key points at 1.1979 / 77 (38.2% Fibo of 1.1704 / 1.2149 / daily cloud top), a loss which will add reversal signals and risk a deeper fall.
A bull trap above the 1.2102 barrier (61.8% Fibonacci from 1.2349 / 1.1704 / bearish trendline from 1.2349 peak) continues to put pressure as the 14-day southward momentum on the daily chart approaches negative territory and maintains new weakness.
Res: 1.2026; 1.2051; 1.2075; 1.2097.
How are you: 1.2000; 1.1979; 1.1964; 1.1940.