empty
 
 
04.12.2020 04:49 AM
Forecast for EUR/USD on December 4, 2020

EUR/USD

Brexit negotiations are ongoing. Only one agreement reached - to extend the negotiations over the weekend. As a result of this, the dollar index added 0.37%, the euro 32 points. Today we can expect data on labor in the US for November, unemployment is expected to drop from 6.9% to 6.8%, perhaps these data can stop the euro's growth. If investors do not close their long positions today, then they may suffer losses on Monday.

This image is no longer relevant

The euro has gone above the target level of 1.2117, reaching the upper level of 1.2230 is questionable, since the Marlin oscillator is turning down on the daily chart. Getting the price to settle under 1.2117 will mean a quick attack on the support line of the price channel at 1.2040, and going under it - falling further to 1.1922 - toward the MACD line.

This image is no longer relevant

The signal line of the Marlin oscillator has formed a triple top on the four-hour chart, which is a trend reversal pattern. Getting the price to settle below 1.2117 will make it possible for the price to attack the strong support at 1.2040 formed by the trend line of the higher chart, the low on December 2, approaching the level of the MACD line. Overcoming important support opens the way to 1.1922. We are waiting for the outcome of the Brexit negotiations.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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 $8000 more!
    In March we raffle $8000 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

Can't speak right now?
Ask your question in the chat.
Widget callback