The Euro is struggling to rise against the US Dollar, with multiple attempts to build upside momentum cut short at channel top resistance. The recent standstill has materialized against a backdrop of risk aversion that might have been expected to drive the pair higher amid liquidation of EUR-funded carry trades. A reversal below the horizontal pivot at 1.0819 initially exposes the 1.0686-1.0711 area (January 5 low, 38.2% Fibonacci expansion). Alternatively, a daily close above channel top resistance – now at 1.0913 – paves the way for a challenge of the December 15 high at 1.1060. The single currency’s inability to ... (full story)