Not a lot of conviction from the market...yet
The EURUSD just took a run up to the Asian session highs at 1.2275 and stalled. The price has already moved back down to 1.22629.
On the run higher a topside trend line was broken but that failed. Earlier today, dips below a lower trend line failed too. It is not trading with much confidence to the upside or the downside as the price consolidates.
Technically, the 1.2282-96 is a ceiling on the topside that has confined most of the upside over the last 6-7 days.
On the downside, the 1.2166 area is the 38.2% retracement on the hourly chart. It is also the 50% of the longer term move down from the 2014 high (see post from yesterday).
At 10 AM the Eurozone consumer confidence will be reported along with the Richmond Fed Manufacturing index. The consumer confidence is expected at 0.6 vs 0.5. The Richmond Fed is expected to decline to 19 from 20 in December.
