FX.co ★ Forecast for EUR/USD for December 24, 2019

EUR/USD

On Monday, weaker-than-expected US data were released, which strengthened the upward correction for the euro. The volume of orders for durable goods in the November estimate showed a decrease of 2.0% against the expectation of growth of 0.2%, the core index of orders (Core Durable) showed a zero increase against the forecast of 1.5%. Sales of new homes in November amounted to 719 thousand, the forecast was 734 thousand, and the October figure of 733 thousand was revised down to 710 thousand.

Today is a weekend in Germany, Switzerland, Italy, and other regions, including the United States, have a shortened trading day. The euro needs to overcome the support of the embedded price channel line at 1.1058 (daily) to break down. After yesterday's data, it is already unlikely that investors will decide on such an operation today. If the support is overcome, the target of 1.1032 is opened - the MACCD line on the daily scale chart.

As seen on the four-hour chart, the price is developing under the indicator lines of balance and MACD, the Marlin oscillator is in the zone of decline and no signs of its reversal have yet been created. We are waiting for the continuation of the price reduction.