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EUR/USD Prediction for December 12, 2016
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The EUR/USD moved lower on Friday, sinking below the 1.06 handle and poised to test support near the November lows at 1.0517. Resistance is seen near the
The EUR/USD moved lower on Friday, sinking below the 1.06 handle and poised to test support near the November lows at 1.0517. Resistance is seen near the 10-day moving average at 1.0660. Momentum is flat with the MACD (moving average convergence divergence) index prints in the black with a flat trajectory which points to consolidation.
The ECB stepped up to the plate on Thursday and gave the market another dose of stimulus, and at the same time prepared the markets for a tapering of bond purchases by embedding the decline in purchases in a larger overall plan. By extending the program by 9-months instead of the 6-expected and reducing the purchases by 20 billion per month, the ECB added a net 60 billion to the total plan. This was more than expected, and helped buoy riskier assets while weighing on the Euro which should help produce export growth.
About the Author
David Beckerauthor
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
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