Forecast for EUR/USD on December 3, 2019

EUR/USD

Yesterday, US President Donald Trump gave the markets another surprise - he restored the frozen duties for Brazil and Argentina at 25% for steel and 10% for aluminum. He also demanded that the Federal Reserve devalue the dollar in order to "protect American farmers." Of course, Trump is more interested in the Dow Jones index than the dollar exchange rate against currencies of near-default countries, but Trump would not be Trump if he missed such an occasion once again to show his influence on the Fed. The Dow Jones Index fell by 0.96% yesterday. The euro jumped 61 points. Thus, the convergence on the Marlin oscillator on the daily chart worked out, the target at the Fibonacci level of 123.6% and the embedded line of the price channel is fulfilled, a downward movement of prices is possible from current levels. The signal line of the Marlin oscillator began to unfold down from the boundary with the territory of the bulls. Consolidating the price above 1.1090, above yesterday's high, opens the target at the Fibonacci level of 110.0% 1.1155.

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The situation is simply growing on the four-hour chart, the price is above the indicator lines of balance and MACD, with the Marlin in the growth zone. The priority of reading the chart in the current situation behind the daily scale. A full-fledged declining situation will recover in the market after the price returns to the level of 1.0985. This is the main scenario.

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