As greenback remains close to a five-year peak versus a basket of currencies on expectations for a US rate hike next year, will market participants take euro?s negative sentiment into 2015?

The single currency enjoyed some 50+ bounce from its year low of 1.2220 early in the European session. Despite the overall bearish trend remaining firm in place, it?s certainly worth mentioning and looking into a few key technical indicators that some may consider as current low to be THE low.

The well-known and respected 200 SMA, this time on Monthly chart, provided a vital support for EURUSD in the middle of 2010 and again in 2012 giving euro the driving seat for the next 22 months of trading. The same Monthly 200 SMA at 1.2220 was tested last Friday, December 19.

Triple Divergence ? since early October, the Daily chart with MACD is forming a triple divergence, a very rare occurrence. Thus, 1.2220 can be considered as make or break point for EURUSD.

As despite it being a Christmas celebration week, and expected low volume, the economic calendar is filled with important news mainly concerning the US Dollar that should add liquidity to the market.

Tuesday: Annualized GDP (Q3), Durable Goods Orders (Nov), New Home Sales (Nov), Personal Spending (Nov)

Wednesday: MBA Mortgage Applications, Initial Jobless Claims and Continuing Jobless Claims.