Forecast for EUR/USD for December 10, 2018

EUR/USD

On Friday, the US labor data came out good, but the market’s reaction to them as an indicator of investor sentiment towards the upcoming vote of the British parliament on the May-EU deal, which we talked about in the last review, didn’t become indicative, as Fed representatives Brainard spoke at the end of the week , Williams, Powell, and Bostic presented a complete picture of the Central Bank’s intentions to slow down the rate of the rate increase. Even the December increase is no longer a resolved issue. As a result, the yield on US government bonds declined, stock indices declined significantly (Dow Jones -2.24%), the dollar index lost 0.07%, the euro closed the day with a growth of 4 points. But this morning the trend towards the weakening of the dollar has been in full force: the dollar index loses 0.28%, the euro grows by 56 points.

In the Asian session, the price reached the embedded line of the daily price channel, taking into account negative forecasts for European economic data (Germany’s trade balance for October is expected to decrease to 17.2 billion euros from 17.6 billion, Italy’s industrial production for November by -0.4%, a decrease in the investor confidence index in the Eurozone Sentix in December from 8.8 to 8.4), the price may move down from the line itself (goal 1.1367). In case of more optimistic indicators, the development of speculative purchases, the growth target is the Krusenstern line on the daily chart (1.1477). Furthermore, if the May Project is adopted by the British Parliament, the euro may rise to the top October at 1.1621.

The failure of the vote will direct the price to the level of 1.1190.

qPwcOw-yYKiG0uwx9Z4Eon5X_3KPA148haFqAjCG

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Forecast for EUR/USD for December 10, 2018

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*