EURUSD struggles to keep momentum

By Mithun Girishan|

Published: December 31 2021, 11:08 GMT+0

EURUSD struggles to keep momentum

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EUR/USD pair struggles to keep it’s bounce off 100-SMA and went on to drop the most in two weeks.

After it’s U-turn from monthly high on Wednesday, the EUR/USD pair is seesawing around 1.1325, consolidating heaviest daily loss in a fortnight. However, sluggish MACD and steady RSI are hinting towards continued inactive daily performance.

XAU/USD manages to stay near the 1,820 mark, trimming the losses it made in the past two days. The charts indicate a neutral-to-bullish continuation. While 20-SMA and Momentum indicators are pretty much directionless, RSI indicator is hinting a resurgent buying interest.

During a corrective pullback from its intraday low, WTI bounced off and defended $76, ignoring China’s PMI data. Sellers will continue to remain hopeful as the chart shows a bearish candlestick pattern.

Meanwhile, Turkish Lira failed to draw any support from government’s confidence and continued to erode its value against the US Dollar. So long as the USD/TRY pair remains below the 13.50 mark, there is a psychological advantage for the Lira bulls.