EURUSD Analysis – December-26-2023

EURUSD Analysis - December-26-2023
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The EURUSD began Tuesday with a bullish uptick. The pair trades slightly above the November high, at the 1.1017 mark. Market sentiment is bullish due to anticipation of US Federal Reserve rate cuts in 2024. From a technical standpoint, the EURUSD pair appears overbought when looking at the momentum indicators. The RSI is near the 70 level, and the Awesome Oscillator shows divergence in its bars.

We anticipate that the price will enter a consolidation phase based on the technical data we’ve received from the EURUSD 4-hour chart. In this scenario, the price might dip to the 23.6% Fibonacci support level, followed by the 38.2%. These two Fibonacci levels could provide a decent price point for planning to join the bullish market.

eurusd technical analysis

EURUSD Technical Analysis – 4H Chart