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20.12.202404:43 Forex Analysis & Reviews: EUR/USD Forecast for December 20, 2024

Relevance up to 21:00 2024-12-20 UTC--5

Yesterday, the euro held a correction from the Dec. 17-18 move of 38.2%, returning to 1.0350 support by the end of the day. The correction is probably over; yesterday's candle has a large upper shadow.

Exchange Rates 20.12.2024 analysis

If the price breaks through the 1.0350 level and Wednesday's low, we expect it to target 1.0250. At this level, there is a risk of forming a convergence with the Marlin oscillator, which could lead to a complex and prolonged correction. If the 1.0250 level is breached, the decline may continue to 1.0135.

Exchange Rates 20.12.2024 analysis

On the H4 chart, the price is consolidating above the 1.0350 support level this morning. The Marlin oscillator remains directed upward and has not yet cooled off. Once consolidation is complete and the price stabilizes below the level, we anticipate movement toward 1.0250.

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

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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