Euro-dollar pushes above $1.17Euro/US DollarFX:EURUSDMichael_Stark_ExnessEuro-dollar’s recent gains continued in the aftermath of the Fed’s cut on 10 December as senior members of the ECB commented on further cuts being likely unnecessary and focus on political problems in the EU, primarily France, declined. The ECB will probably raise forecasts for growth next year while attention remains on the USA’s seemingly weakening labour market. With only 11 December clearly above $1.17, it’s too early to call that day’s movement a decisive breakout, but since buying volume is at least not lower and the price is above all of the moving averages it’d be possible to see more gains to come, just maybe not immediately. Both the slow stochastic and Bollinger Bands signal overbought. 16 September’s closing high around $1.187 is an obvious medium-term target. The main candidate for a static area of support is the 23.6% weekly Fibonacci retracement around $1.149, but before that all four moving averages, 20, 50, 100 and 200, are likely to be dynamic supports. The double NFP on 16 December could drive more significant movement. For the latest analysis and opinions, visit the link on my profile to follow me on X too. This is my personal opinion, not the opinion of Exness. This is not a recommendation to trade.