EURUSD Marked by Choppy Trading

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The euro currency closed in the green on Friday, marking a two-day consecutive winning streak.

Price action reclaimed the 1.1800 level and has been trading comfortably above this level once again.

This could now open the way for further gains. The next key level of resistance is seen at the 1.1900 level.

Given that prices fell sharply following the retest of this level just a few weeks ago, there is scope for the euro to hold a sideways range.

We expect this range to hold in the run-up to the December ECB meeting.

Expectations from the central bank will no doubt change the investor perception.

This could mean that a breakout from above 1.1900 or below 1.1800 is likely.

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