Euro to Dollar Rates Live
Last Trade Date
Euro to Pound Rates Live
Last Trade Date
post icon

Euro Struggles Ahead of Greek Election- USD/CAD Carves Lower Highs –

Talking Points:

EUR/USD Slips to Fresh Monthly Low Ahead of Second-Round of Greek Election.

USD/CAD Continues to Face Range-Bound Prices Even as Canada CPI Disappoint.

USDOLLAR Holds Monthly Range Ahead of GDP, PCE Reports.

For more updates, sign up for David’s e-mail distribution list.


Chart – Created Using FXCM Marketscope 2.0

  • EUR/USD slips to a fresh monthly low & threatens bullish formation in the Relative Strength Index (RSI) as Greece prepares for the second-round of voting on December 23; next downside target comes in around 1.2190-1.2200 (50% expansion).
  • Will look for a bullish breakout in the Relative Strength Index (RSI) to favor a further advance in USD/CHF especially as the upward trending channel continues to take shape.
  • Seeing increased volatility in the DailyFX Speculative Sentiment Index (SSI) as retail crowd turned net-long EUR/USD on December 17, with the ratio currently standing at +1.61.


  • USD/CAD continues to carve string of lower-highs despite even as Canada‚Äôs Consumer Price Index (CPI) slows more-than-expected in November; will favor a further advance should RSI make a more meaningful advance into overbought territory.
  • Even though the dismal CPI print encourages the Bank of Canada (BoC) to retain a neutral tone for monetary policy, may see a larger correction in USD/CAD on a closing price below 1.1570 (50% expansion).
  • Larger pullback in USD/CAD may spur a move back towards former-resistance around 1.1470 (50% expansion) to 1.1480 (38.2% expansion).

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Buy the Dip in EUR/CHF?

The Weekly Volume Report: Volatility Reigns, But Turnover Lacking

USDOLLAR(Ticker: USDollar):

View gallery


Euro Struggles Ahead of Greek Election- USD/CAD Carves Lower Highs

Chart – Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar appears to be making a more meaningful run at 11.539 (78.6% expansion) ahead of the final 3Q Gross Domestic Product (GDP) report, which is expected to show an upward revision in the growth rate to reflect an annualized rate of growth of 4.3% from an initial forecast of 3.9%.
  • Will also have to keep a close eye on the Personal Consumption Expenditure (PCE) reports amid the subdued outlook for inflation.
  • USDOLLAR remains at risk of a topping formation as the RSI continues to hold below overbought territory, with former resistance zones around 11,312 (78.6% retracement) to 11,351 (78.6% expansion) remaining in focus.

Join DailyFX on Demand for Real-Time SSI Updates!

Click Here for the DailyFX Calendar

— Written by David Song, Currency Analyst

To contact David, e-mail [email protected] Follow me on Twitter at @DavidJSong.

To be added to David’s e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

No comments yet.

Leave a comment