A.Weber: comments on EUR/USD
The recent inability of EUR/USD to break above the 1.2600 mark lowered the near-term bullish expectations. However, the sellers should be careful these days: on Monday the price managed to recover from the November lows.
I see a risk of a double bottom formation in case of a break above the 1.2500 mark. Next resistance lies at 1.2600 – these are the November highs. In the long-term I still stay bearish, but at the end of the year we can’t exclude a recovery towards the 1.2900 area.
Break below the 1.2350 support will open the way for further EUR/USD weakness.
Good luck and enjoy your day!
Chart. H4 EUR/USD