Forecast for EUR / USD on December 3, 2018

EUR / USD pair

On Friday, the euro lost 74 points on weak economic data for Europe. Retail sales in Germany fell by 0.3% in October against expectations of 0.4% growth. The unemployment rate in the euro area remained at the same 8.1% against expectations of a decline to 8.0%. The Eurozone CPI for November decreased from 2, 2% g / g to 2.0% g / g. In the US, the business activity index in the Chicago manufacturing sector rose sharply from 58.4 to 66.4 in November. Over the weekend, there was positive news about new agreements reached in trade between the US and China. The United States will limit duties on Chinese goods to 10%, while China will increase purchases of American goods. Investors considered this a decrease in tensions between the two countries and trading opened on Monday with a slight weakening of the dollar. On the four-hour chart, the price remains under the MACD trend line, indicating that the gap will soon close and the price will automatically go below the balance line (indicator red). With the closure of the gap, the Marlin oscillator signal line will return to the negative zone, which will strengthen the technical signal for a further decline in the euro. The closest goal of the bears is the level of 1.1267 at least on November 28. Overcoming the support opens target at 1.1190.

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