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Forex pairs in this Article » EUR/USD (Barcelona) - The EUR/USD faces major long-term downtrend line resistance at just above Friday’s high of 1.3914. That being noted, Elliott Wave technicians are growing more bullish on the cross for the intermediate-term.

EUR/USD traders will have to rely solely on US data points Tuesday

New Year’s Eve around the world is likely to bring even lighter trading than we have seen in recent days. EUR/USD traders will get to pieces of US data off of which they can trade, though: US Chicago Purchasing Managers Index and US Consumer Confidence.

Technical outlook for EURUSD

Technicians say the EUR/USD may have completed a very short-term “abc” correction to the downside on Friday when it seemingly held support at 1.3733. If that level breaks, more downside will be in store for the EUR/USD – with 1.3705 and 1.3687 as the next two possible stops on the downside. Resistance for the cross appears to come in at Friday’s high (and approximate intersection point of a very long-term downtrend line dating back to 2007) at 1.3914. Some Elliott Wave technicians actually see the cross going much higher in the long-term – from 1.44 and change on their base case and possibly north of 1.50 in the more bullish scenario.
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