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EUR/USD sets first weekly close above 1.10 since July

On the final Friday before Christmas the EUR/USD managed to hold most of its gains on the week into the close and set its first weekly close above 1.10 since July 28. So far today it has been understandably quiet in Asian trading. The European markets are closed today, but the US will reopen this afternoon. The next level of potential resistance for the Euro is the August 10 high at 1.1065 and then comes the July 27 high at 1.1150. We are now in the twilight zone until the New Year next Monday, which means Friday this week will be the final trading day of 2023. Now, there have been a few reports of significant dollar outflow set for the year end fix, but I cannot corroborate any of those, so we shall have to see, if there is further upside for the EUR/USD this week. It looks to be starting the week on the front foot though, having topped out on Friday at 1.1040 and later closing at 1.1008. The range seen so far today has been covered by 1.1010 to 1.1029. It is currently trading at 1.1023
 

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