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Analysis and forecast for EUR / USD for December 24, 2020



DATE OF PUBLICATION: 2020-12-24 13:39:26 Hello, dear colleagues, The foreign exchange market is still awaiting the conclusion of a trade deal between the UK and the European Union, as well as the signing of a bill on assistance to the presenter by the current President of the United States of America Donald Trump the global economy from COVID-19, worth $ 900 billion. Despite the fact that this bill has already been agreed and approved by the US Congress, Trump is in no hurry to put his signature on it. The incumbent president considers the approved bill humiliatingly small and, in this regard, did not miss the opportunity to once again shoot critical arrows at his opponents, the Democrats. Although this no longer makes any sense, because the presidential election is still hopelessly lost, and Joe Biden’s inauguration as president of the United States will take place in less than a month. Nevertheless, the markets are moderately positive, and a Brexit deal, according to many investors, may still be achieved. I think that many people know about what is happening on the border of Great Britain and France, and we will touch upon this topic in more detail in today’s next article on the gbp / usd pair. If we return to yesterday’s statistics from the USA, then in the green zone there were only data on primary requests for unemployment benefits; and orders for durable goods. All other reports from the large block came out worse than expected. In the current situation, it is difficult to determine how much yesterday’s mixed American reports influenced the trading results, market participants, in my opinion, are now more interested in the events that were outlined above. It is important to note that on the eve of Catholic Christmas today and tomorrow, no statistics from the eurozone and the United States will be received. It is expected that trading will take place in a thin market, where all sorts of unexpected surprises, including unpleasant ones, are possible. DailyIn yesterday’s trading the euro bulls raised the rate to 1.2220, but failed to gain a foothold at the highs reached, after which the quotation dropped and the session on December 23 ended at 1.2186. Nevertheless, today, at the time of writing, attempts to continue the rise of the rate continue. The EUR / USD pair is trading higher near 1.2205. Closing today above yesterday’s highs of 1.2220 will create the necessary prerequisites for retesting the breakout of the currently key selling resistance at 1.2272. I believe that in the event of a true breakdown of this level, the uptrend will not only continue, but also become more intense. Taking into account that tomorrow is Christmas and most of the world’s financial markets will be closed, today I will make an assumption that the weekly bottom has already been reached at 1.2130, after which the main currency pair is confidently reducing the losses incurred before and moving towards the opening price of weekly trades 1.2223. trading recommendations, as can be clearly seen on the hourly charts, yesterday’s arrows, signaling the opening of positions, were not set in vain, and in principle, buying and selling worked out. Today, given that the pair is trading above the moving averages used (50 MA, 89 EMA and 200 EMA), I propose to consider opening purchases on a pullback to the designated movings from the price zone 1.2190-1.2160. By the way, here is the lower border (brown line) of the ascending channel. Selling will become relevant if characteristic candlestick signals appear in the area of ​​1.2220-1.2235, that is, on the breakout of yesterday’s highs and at the middle line of the channel (dashed). Another important point is that given the holidays and the thin market, you shouldn’t set big goals, but limit yourself to 20-30 points, and then exit to close positions. Good luck! Material provided by InstaForex – www.instaforex.com Source – InstaForex

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