29.12.202111:21 Forex Analysis & Reviews: EUR/USD analysis and outlook for December 29, 2021

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No Santa Claus rally to boost EUR/USD

Hi, dear traders!

Yesterday, EUR/USD remained in the narrow range of 43 pips - it seems there is no Santa Claus rally to boost the pair. With no important macroeconomic data and no clear trend, the market remains quiet. There is no news to drive prices into any direction as well. US president Biden is considering Sarah Raskin for the post of vice chairwoman of supervision. Raskin earlier served as a deputy secretary of the Treasury Department under the Obama administration. Priot to that, she was a Fed governor in 2010-2014. In the meantime, US stock market is on the rise, as investor concerns over the severity of the Omicron strain ease. The market sentiment has reversed - earlier, investors fled risk assets due to Omicron, now they have regained risk appetite. Yesterday's US statistic data was mixed. Real estate market data did not meet expectations. The Fed Richmond manufacturing index beat previous estimates, reaching 16 points compared to revised 12 points in November. Today's data releases in the EU are the M3 money supply and private loans data. In the US, reports on pending home sales are due later today.

Daily

The red Tenkan-Sen line of the Ichimoku cloud gave support to the pair earlier. EUR/USD bounced off it three times and closed yesterday with only slight decrease compared to Monday. There is still some chance of an upward movement, as indicated by the small shadow of the December 28's candlestick. Furthermore, the pair closed above the key level of 1.1300. Early on Wednesday, EUR/USD declined slightly, but it could go anywhere in the current thin market. There are opportunities for opening both long and short positions. Short positions could be opened after the pair spikes into the 1.1305-1.1315 area. Long positions could be considered after EUR/USD falls towards the support at 1.1290, which was yesterday's low.

Good luck!

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