Forecast for EUR/USD on December 23, 2019

EUR/USD

Last Friday, the US released good economic indicators, which accelerated the euro's fall. In November, personal incomes of consumers increased by 0.5% against expectations of 0.3%, while expenses increased by the expected 0.4%. The consumer confidence index according to the University of Michigan in the final assessment for December was increased from 99.2 to 99.3 points. At the moment, the euro fell 54 points on trading volumes below average, which partly confirms our assumption that large players want to sell during the holidays this year.

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On the daily chart, the price reached support for the embedded line of the price channel. The price breaks under the indicator line of the red balance, shifting the price balance towards a further decrease. The Marlin oscillator is also signaling that the trend will change into a falling one - its signal line has moved into the zone of negative numbers.

The first goal of the decline is now becoming the level of 1.0966 - September 23 low. Overcoming the level opens the second target of 1.0925 - the lows of September 3 and 12.

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A completely decreasing trend on the four-hour chart, there are no signs of a reversal.

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