EUR/USD rallies almost two cent as dollar gets a festive season spanking

Currently, EUR/USD is trading at 1.0567, up 0.80% on the day, having posted a daily high at 1.0656 and low at 1.0481.

EUR/USD has rallied, spiking just ahead of Tokyo in an almost two cent rally. Algo based? Who knows? But, markets are usually very thin at this time of the day, let alone during the festive season, so this is not highly unusual, but is quite significant albeit prone to correct just as sharply. Indeed, the dollar sell-off is across the board.

EUR/USD levels

With spot trading at 1.0568, we can see next resistance ahead at 1.0578 (Daily Classic R3), 1.0582 (Weekly Classic R2), 1.0656 (Daily High), 1.0663 (Weekly Classic R3) and 1.0763 (Monthly High). Support below can be found at 1.0529 (Daily Classic R2), 1.0518 (Daily 20 SMA), 1.0515 (Weekly Classic R1), 1.0495 (Yesterday's High) and 1.0484 (Daily Open).

Ready for 2017?