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Forex Analysis & Reviews: Forecast for EUR/USD on December 8, 2022
time 08.12.2022 05:31 AM
time Relevance up to, 09.12.2022 04:39 AM

U.S. government bond yields fell on Wednesday. The 2-year rate shed about 10 points (4.23-4.36%) as it fell from the lower limit of the weekly range that formed since investors started to have expectations on the Federal Reserve meeting. The euro rose 40 pips on this.

The price tried to reach the important test level of 1.0433. But this level was not tested (and, as a consequence, a reversal from the support), which provides a chance for the price to go down again.

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But the attempt at growth looks stronger, so the price's probability of reaching the target range of 1.0615/42 has slightly increased.

The signal line of the Marlin oscillator is directed downward, while this weighs on the price, there is a 60% probability that the support at 1.0433 will be tested from the current levels.

It is unlikely that the euro will decide to make sharp movements before the Fed meeting, which is due on the 14th, so in case it breaks through 1.0433, EUR might rise again.

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On the four-hour chart, the Marlin oscillator returned to the negative territory, making yesterday's way to a positive a false move. Therefore, at least the price will try to break the support of the MACD line and try to overcome the support at 1.0470 to reach 1.0433. There are no bright trading signals for today. Growth in the range of 1.0615/42 is possible only if the price crosses yesterday's high at 1.0550.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2023
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Euro vs US Dollar
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