Technical Analysis EUR/USD for 12/22/15

The EUR/USD moved higher on Monday climbing toward resistance near the 10-day moving average at 1.0925, following the softer than expected Chicago Fed Nation Activity Index.  Momentum on the currency pair is positive as the MACD (moving average convergence divergence) prints in the black with a relatively flat trajectory.  The RSI moved higher with price action reflecting accelerating positive momentum printing a reading of 54, which is in the middle of the neutral range.

Chicago Fed’s National Activity Index dropped to -0.30 in November from -0.17 in October. September’s -0.29 was nudged to -0.13. It was 0.77 a year ago. The index has been sub-zero for 4 straight months, and in 6 of the last 7. The 3-month average slipped to -0.20 from -0.18. The index is a weighted average of 85 indicators including production, employment, consumption, housing orders, and inventory figures. Negative reading reflect below trend growth.