The market was disappointed on ECB with a simple deposit rate cut and six month QE extension with no increase in the pace of asset purchases: the EUR promptly rallied 2% as a result expecting more great movement during FOMC meeting for example. Anyway, Deutsche Bank analysts are suggesting to close sell position on EUR/USD at the end of the year after Fed rate hike Dec. 16.
| Resistance | Support |
|---|---|
| 1.1494 | 1.0516 |
| 1.1713 | 1.0461 |
As we see from the chat above - the weekly price is on ranging bearish market condition within 1.1713 resistance and 1.0516 support levels, and Deutsche Bank is considering for this pair to be in more bearish condition: if 1.0516 key support level is broken so we can see 1.0461 as the next ral target at year-end. That is why DB made the following suggestion for the traders: do not close your short positions for now; close it at year-end.
