EUR/USD Forecast December 23

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By ltan | December 23, 2013 2:49 AM EST

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Good day forex traders and readers.

In the previous EUR/USD forecast we noted that the currency pair achieved our bullish target. If bearish correction was to happen, we might see 1.36. While the market sentiments were positive, speculated tapering announcement by the US Federal Reserve warranted caution to be taken.

Technical Analysis

Looking at the EUR/USD daily chart above we note that the currency pair was bearish for the week. It failed to breach the strong resistance of 1.38 and turned downwards.

As mentioned in the previous EUR/USD forecast, 1.36 is a potential bearish target and indeed the currency pair pushed towards this support level in the week.

As we consider the inclinations of the currency pair, the technical chart is forming up to be a double tops of sorts. Do pay close attention to 1.36 and observe if the support will hold.

Don’t miss the fundamental analysis

continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.

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