empty
 
 

Forex Analysis & Reviews: Breaking forecast for EUR/USD on 08.12.2022
time 08.12.2022 09:06 AM
time Relevance up to, 08.12.2022 08:17 PM

The third estimate of the EU GDP for Q3 2022 stands at a slightly higher level than the first two estimates. The EU economic output slowed down its annual growth to 2.3% from 4.2% in Q2 2022. The previous estimates suggested a decline to 2.1% on year. However, the EU GDP for Q2 2022 was downgraded to 4.2% from the unrevised 4.3% which muted the overall positive sentiment. No wonder, the single European currency asserted its strength for obvious reasons. In fact, the GDP went down to a slightly less degree, so the reading is an uptick higher than in the previous estimates. Nevertheless, economic growth in the Eurozone has been shrinking.

EUR Gross Domestic Product, y/y

This image is no longer relevant

At the same time, things are not so smooth in the US. For example, the situation in the labor market has been getting worse for two months in a row. Today the data on unemployment claims are likely to print a higher figure. The number of first-time jobless claims could have increased by 15,000. The number of continuing unemployment claims, which are given top priority, has been growing for 8 weeks straight. The data today might log an increase for the ninth time. Certainly, this does not add to the US dollar's confidence. The thing is that the greenback is still strongly oversold. So, its minor downward correction is imminent.

US Continuing Unemployment Claims

This image is no longer relevant

After a brief period of sideways trading below 1.1500, EUR/USD resumed its growth. As a result, the market saw an intraday surge of long positions. This enables an opposite move above 1.0500.

The H4 RSI is moving in the upper area of the indicator which proves the overall traders' interest in long positions.

Due to the recent retracement, H4 Alligator is not generating a clear-cut technical signal. Moving averages (MA) are intersected with one another. D1 Alligator neglects intraday price moves. Moving averages are pointed upwards which corresponds to the ascending cycle.

This image is no longer relevant

Outlook and trading scenario

Under such market conditions, I'm focused on two levels: 1.0550 which is yesterday's high and 1.1430 which is interim support. If the price settles beyond any of these levels in the 4-hour chart, it would follow that particular direction. Until then, the instrument is set to trade sideways within the above-said borders.

Complex indicator analysis provides a mixed signal for short-term and intraday trading. Technical indicators suggest an ascending cycle in the medium term.

Dean Leo,
Analytical expert of InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

InstaForex分析评论将让您充分了解市场趋势! 作为InstaForex的客户,您将获得大量的免费服务以实现有效的交易。

Hot forecast for EUR/USD on 03/01/2023
Given the results of yesterday's European Central Bank meeting, the dollar has nothing to do but rise, but not today, since it could be under pressure later on..
作者: Dean Leo
02:16 2023-02-03 UTC--5
958
Breaking forecast for GBP/USD on February 2, 2023
The Federal Reserve slackened the pace of the key rate hike. Now, everything depends on the Bank of England, which is raising the benchmark rate a bit more actively.
作者: Dean Leo
01:25 2023-02-02 UTC--5
1168
Breaking forecasts for EUR/USD on February 1, 2023
Today, the eurozone is going to disclose important macroeconomic reports. However, traders are likely to ignore them as everyone will focus only on the FOMC meeting results.
作者: Dean Leo
02:18 2023-02-01 UTC--5
1198
展示更多
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Hot forecast for EUR/USD on 03/01/2023

One quick glance at the euro's chart is enough to understand the results of the European Central Bank meeting. It isn't crucial that the ECB hiked interest rates by fifty

Dean Leo 08:16 2023-02-03 UTC+2

Breaking forecast for GBP/USD on February 2, 2023

The FOMC meeting results led to a confident increase in the pound sterling. As a result, the currency returned to the upper limit of the range, where it has been

Dean Leo 07:25 2023-02-02 UTC+2

XAU/USD strongly bullish ahead of FOMC

The price of gold rallied in the last hour as the USD depreciated after the US data. The yellow metal was strongly bullish since yesterday as the USD took

Ralph Shedler 17:14 2023-02-01 UTC+2

Breaking forecasts for EUR/USD on February 1, 2023

The euro dropped to the lower limit of the range just before the publication of the eurozone GDP data for the fourth quarter. After that, the currency started actively gaining

Dean Leo 08:18 2023-02-01 UTC+2

Breaking forecast for GBP/USD on January 31, 2023

Although there are some movements, the market is stagnant. The pound sterling just slid to the lower limit of the range. Today, the quote may climb to the upper

Dean Leo 07:22 2023-01-31 UTC+2

Gold: imminent breakout, 1,949 as target

The price of gold extended its temporary range and it seems determined to come back higher. The price action signaled that the bias remains bullish as the Dollar Index remains

Ralph Shedler 07:17 2023-01-30 UTC+2

Breaking forecast for EUR/USD on January 30, 2023

Although the euro is showing dynamic, the market remains mainly stagnant. On Friday, the euro lost about 50 pips but closer to the end of the day, it managed

Dean Leo 06:52 2023-01-30 UTC+2

Hot forecast for GBP/USD on 27/01/2023

US economic growth is expected to have slowed from 1.9% to 1.6%, but the first estimate of GDP for the fourth quarter showed a slowdown to 1.0%. This is perfectly

Dean Leo 08:15 2023-01-27 UTC+2

Breaking forecast for EUR/USD on January 26, 2023

Since the macroeconomic calendar was absolutely empty, the euro returned to its local high and may climb even higher amid the US statistical reports, especially the GDP data

Dean Leo 07:25 2023-01-26 UTC+2

Hot forecast for GBP/USD on 25/01/2023

Overall, the pound has lost its traction yesterday, which given the preliminary estimates of PMIs in both the UK and the United States, is not that surprising. GBP ended

Dean Leo 08:24 2023-01-25 UTC+2
现在无法通话?
提出您的问题,用 在线帮助.