Daily Forex News and Analysis — December 21st 2017

US stocks closed lower on Wednesday as a rally in energy shares failed to offset a drop in Utilities and Financials. The Dow Jones fell by 0.11%, the S&P 500 by 0.08%, and the NASDAQ lost 0.04% from its value. The US dollar traded lower against a basket of major currencies on Wednesday as bullish housing data failed to lift sentiment with the Existing Home Sales coming out higher than expected at 5.81 million vs. 5.53 million forecast Today, the Final GDP is expected at 3.3% unchanged. Gold rose, closing at $1,266 an ounce. Crude Oil rose, closing at $57.75 supported by a larger than expected drop in US inventories and the continued outage of the North Sea Forties pipeline system.

The euro traded higher versus the dollar, closing at 1.1873. On the 1-hour chart, the EUR/USD pair is trading above the support level at 1.1845 with a positive momentum indicator slightly above 0. Holding these conditions should push the pair higher towards 1.1950, while breaching below the line may start a retracement towards 1.1750. The pound rose versus the dollar, closing at 1.3370. On the 4-hour chart, the GBP/USD pair is trading below the bearish trendline. Holding this condition may push the pair lower towards 1.3250.

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