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04.12.202004:49 Forex Analysis & Reviews: 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.

Exchange Rates 04.12.2020 analysis

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.

Exchange Rates 04.12.2020 analysis

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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert
InstaForex Group © 2007-2021
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