For Traders

Analytical Reviews

Technical analysis

27.12.202305:42 Forex Analysis & Reviews: Forecast for EUR/USD on December 27, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD

The pre-New Year rally continues; S&P 500 up 0.42%, the euro up by 28 points, oil up by 1.99%, and gold up by 0.52%. The euro has surpassed the target resistance at 1.1033, and today, it opened above this level. Now the pair must take one final leap to move towards 1.1076, where we might see profit-taking for the entire pre-New Year movement.

There is also room for growth in the stock market; the S&P 500 index is 0.9% away from the record high, and 2.28% away from the 4883 target along the price channel line (see the review from December 25).

On the 4-hour chart, the price has managed to consolidate above 1.1033.

Although the Marlin oscillator is in the positive territory, it appears weak, formally consolidating above the zero line. A delay in the price's growth may push the oscillator to move into negative territory. The least we can do for today is to close the day above yesterday's closing price.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.