Forecast for EUR/USD on December 9, 2020

EUR/USD

Yesterday, the euro dropped another 6 points after losing 13 points on Monday. Brexit negotiations are ongoing, but investors have already quit the recent frenzied speculation. In addition, the European Central Bank meeting will take place tomorrow after which the monetary policy adjustment will be announced, as expected, towards easing. The German trade balance for October will be released today, the forecast for which is 17.0 billion euros against 17.8 billion a month earlier. There is simply no reason for the euro to grow.

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The daily chart shows that the price has settled below the target level of 1.2117, the signal line of the Marlin oscillator is heading towards the rising trend zone for the medium term. Getting the price to settle under the line of the increasing green channel in the area of 1.2037 and Marlin's departure into the zone of negative values will change the medium-term rising trend to a downward one. The closest target in this case will be the MACD line in the 1.1934 area.

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The four-hour chart shows that the MACD line and the price are closer. Now, getting the price to settle below yesterday's low will correspond to doing so below the MACD line. After that, we are waiting for an attack on 1.2037. Marlin is already in the downward trend zone and is waiting for the price.

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