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02.12.202404:58 Forex Analysis & Reviews: Forecast for EUR/USD on December 2, 2024

On Friday, the euro reached its target resistance at 1.0590. However, during the Asian session, it erased Friday's gains and dropped to Thursday's low. The Marlin oscillator's signal line turned downward from the neutral zero line. This indicates that the correction from 1.0350 is likely complete, and the price is now heading towards the target range of 1.0449/83. A breakout below this range would open the path to the next target at 1.0350.

Exchange Rates 02.12.2024 analysis

Additionally, today's data on business activity in the Eurozone and the US supports dollar strengthening. The Eurozone Manufacturing PMI for November is expected to weaken from 46.0 to 45.2, while the US Manufacturing PMI is forecasted to rise from 48.5 to 48.8. The ISM Manufacturing Index is also expected to improve from 46.5 to 47.7.

Exchange Rates 02.12.2024 analysis

On the H4 chart, the price and oscillator have formed a divergence. Marlin is already in bearish territory, signaling downward momentum. The 1.0449/83 range coincides with the MACD line, making this zone strategically significant. A break below it would pave the way for new targets below 1.0350, with 1.0250 as the next key level.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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