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EUR / USD. December 25. COT report. European currency has gone for Christmas holidays

DATE OF PUBLICATION: 2020-12-25 11:43: 38EUR / USD – 1H. Good afternoon, dear traders! The EUR / USD pair on December 24 made a reversal in favor of the American currency and returned to the uptrend line. A rebound from this line will allow traders to count on a reversal in favor of the EU and resumption of growth in the direction of the downtrend line. But it is better for traders to wait for the exit from the “contracting triangle” now. Whether or not it will take place on New Year’s week is unclear. After all, we are interested in the signals that will be generated in this case. But it may well end with the usual movement in the side corridor and a little activity. Thus, next week it is necessary to remember that there is little news and reports now, as well as the desire of traders to trade. Already this week, it was clear that traders are celebrating Christmas in their thoughts. There was some news, but the number of traders working out them became less and less every day. In fairness, it should be noted that there were practically no really important messages. Important for the foreign exchange market. Donald Trump’s actions have long surprised no one, so his blocking of a package of aid to American citizens and the country’s economy did not really worry. The same goes for the defense budget. And nothing else interesting happened in America. In the European Union, all the attention of absolutely everyone was drawn to the trade deal with Great Britain, which was achieved only yesterday. However, this deal is much more important for Britain than for the EU, so the euro reacted to any Brexit news 10 times weaker than the pound. If it reacted at all. EUR / USD – 4H. On the 4-hour chart, the pair reversed in favor of the US dollar and started a very calm decline in the direction of the uptrend line, which continues to characterize the current traders’ sentiment as “bullish”. A pullback of quotes from this trend line will work in favor of the euro and the resumption of growth in the direction of the correction level of 200.0% – 1.2353. Fixation below the trend line will increase the likelihood of further decline. EUR / USD – Daily. On the daily chart, the EUR / USD pair continues to grow, towards the correction level of 423.6% – 1.2495. Until the moment when the pair consolidates below the 323.6% level, there are still high chances of growth. EUR / USD – Weekly. On the weekly chart, the EUR / USD pair has completed a consolidation above the “narrowing triangle”, which preserves the prospects for further growth in the long-term Outlook. News Overview: There was no major news or report in the US and EU on December 24. There was no information background. News calendar for the USA and the European Union: On December 25, there will be no reports or news in America and the European Union again. The foreign exchange market is closed today, trading will resume on Monday. COT (Commitments of traders) report: For four consecutive weeks, the sentiment of the “Non-commercial” trader category has become more “bullish”. This was reported by the COT reports and it coincided with what was happening in the euro-dollar pair. However, during the reporting week, speculators opened as many as 11 thousand new Short-contracts, and also closed 5200 Long-contracts. Thus, they significantly weakened their bullish sentiment. And despite this, the euro continues to show growth. However, a sharp change in the mood of the category of traders “Non-commercial” does not mean that the euro should immediately collapse. The latest COT report shows that speculators are again preparing for a fall in the euro, or at least for the end of its growth. Forecast for EUR / USD and recommendations for traders: On Monday, I recommend selling the euro if the price consolidates below the lower trend line on the hourly chart with the goal is the level of 200.0% – 1.2094. New purchases of the pair can be opened with a target of 1.2308 when the quotes are fixed above the downtrend line on the hourly chart. TERMS: “Non-commercial” – major market players: banks, hedge funds, investment funds, private, large investors. “Commercial “- commercial enterprises, firms, banks, corporations, companies that buy currency not to obtain speculative profit, but to support current activities or export-import operations.” Non-reportable positions “- small traders who do not have a significant impact on the price .Material provided by InstaForex – Source – InstaForex

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