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EUR/USD attempts to bounce off 55-day SMA

© Dukascopy Bank SA
"The New Year kicks off with German inflation figures which will be closely watched, as they are a key input into tomorrow's euro area flash CPI estimate for December."
- Lloyds Bank (based on PoundSterlingLive)

Pair's Outlook
Last trading day of 2015 was bearish for the EUR/USD currency pair when it tumbled below the 1.09 mark to settle near 1.0855. During the January 4 Asian session, however, we are seeing a confident recovery around 1.09. This level is reinforced by the weekly pivot point and, if violated, we would allow for gains to be extended through 1.0950 in the nearest future. A longer-term bullish goal is placed at 1.1044 where the 100-day SMA is currently merging with 200-day SMA. From another side, the closest demand is 55-day SMA 1.0864. 

Traders' Sentiment
The bulls are in the minority of 43%, while the bears are holding 57% of all positions at the moment. 

© Dukascopy Bank SA

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