Major Pairs Action Bias: NZDUSD Turns Extremely Bullish as EURUSD Stays Bearish – AUDUSD Emerges as Key Bullish Pair to Watch 
NZDJPY Bullish Above 95: Buy Dips Toward 97 as Kiwi Strength Holds Firm 
GBPJPY Weakens on Soft UK CPI: Sell Below 217.80 Targeting 216.40 
NZDJPY Pulls Back on Kiwi Weakness: Buy Dips at 94.40 Targeting 97 
FxWirePro: GBP/USD slips as Middle East tensions boost safe-haven dollar 
FxWirePro: AUD/USD better risk puts bulls back in charge 
FxWirePro :USD/JPY drifts above 162 as range trading persists 
FxWirePro: USD/CAD retains bid tone,eyes 1.4200 level 
FxWirePro: NZD/USD rallies as NZ inflation hits 2-1/2-year high 
FxWirePro- Major Pair levels and bias summary 
JPY Action Bias: USDJPY, AUDJPY & EURJPY Turn Extremely Bullish – Top Pairs to Watch 
JPY Action Bias: Bullish Winds Strengthen – NZDJPY Leads the Charge as Top Pair to Watch 
FxWirePro: GBP/AUD dips amid heightened Geopolitical concerns 
AUDJPY Surges on Aussie Strength: Buy Dips Toward 117/118 as Bullish Momentum Accelerates 
FxWirePro:USD/JPY hovers near 40-year peak,intervention fears linger 
Major Crypto Action Bias: BTC, ETH & SOL Turn Bullish – SOLUSD Leads as the Top Pair to Watch 
ETHUSD Breaks Above $1900 as Bulls Eye $2300 and Beyond 
EUR/USD has once again gained after hitting a low of 1.03425. It reached an intraday high of 1.03980 and is currently trading around 1.03863.
U.S. Economic Reports Impact Currency Performance
On December 19, 2024, two important economic reports were released for the U.S. economy. The final estimate of Gross Domestic Product (GDP) for the third quarter showed that the economy grew at an annual rate of 3.1%, revised up from 2.8%, mainly due to strong consumer spending and exports. Additionally, initial jobless claims fell to 215,000, down from 228,000, indicating a strong job market with fewer people seeking unemployment benefits. In contrast, the Philadelphia Federal Reserve's Manufacturing Business Outlook Survey revealed a significant decline in manufacturing activity, with the Philly Fed Manufacturing Index dropping to -16.4, far below expectations. New orders and shipments also decreased, reflecting lower demand for manufactured goods. The employment index showed a slowdown in hiring, and while prices paid by manufacturers increased, their pricing power weakened. Overall, these reports present a mixed picture of the economy as it heads into 2025, with both positive signs and challenges in the manufacturing sector.
Technical Analysis and Market Outlook for EUR/USD
The pair remains below both short-term (34 and 55-EMA) and long-term (200-EMA) moving averages on the daily chart. Near-term resistance is at 1.0435; a breakout above this level could push the pair towards targets at 1.04635, 1.0500, 1.0550, and 1.0600. Major bullish momentum is expected only if prices surpass 1.0660, which would open the door to levels of 1.0700, 1.0760, and 1.0800. On the downside, immediate support is at 1.0340; a drop below this could lead to further declines to 1.0300 and 1.0240.
Trading Strategy: Buying on Dips
The Commodity Channel Index (CCI) indicates a bearish trend, while the Average Directional Movement Index (ADX) suggests a neutral outlook. A good trading strategy is to buy on dips around the 1.0378-80 mark, with a stop-loss at 1.03370 and a target price of 1.0500 for potential gains.
