empty
26.12.2022 07:46 AM
Breaking forecast for EUR/USD on December 26, 2022

On Friday, the US published mixed data. Thus, the euro was quite stable. On the one hand, durable goods orders dropped by 2.1%, whereas economists had expected a decline of just 0.5%. Meanwhile, new home sales, which should have decreased by 5.0%, increased by 5.8%. The reports were published at a different time and each of them should have influenced the market. Thus, the US dollar was expected to decline and then recoup all the losses. However, the situation was the opposite. The market simply ignored the macroeconomic data. There is no wonder since all the previous week, the market was ignoring all the reports and the euro was trading in a narrow range. What is more, Friday was the last working day before Christmas and it seemed that investors left for the holidays long ago. Today, the US and Europe continue to celebrate the holiday. That is why the market is likely to remain stuck until the next year.

US Durable Goods Orders

This image is no longer relevant

The euro/dollar pair has been trading within the sideways channel of 1.0580/1.0660 for the second week in a row. This movement points to uncertainty among traders and an accumulation process. Traders should also take into account that trading activity usually falls in the last working days of the year.

On the four-hour chart, the RSI technical indicator is hovering along the mid line 50, which corresponds to a flat movement. On the daily chart, the indicator is moving in the upper area of 50/70, which points to the bullish sentiment.

On the four-hour chart, the Alligator's MAs have numerous intersections, which corresponds to the flat movement. On the daily chart, the indicator is ignoring local price changes. The MAs are headed upwards.

This image is no longer relevant

Outlook

The long-lasting sideways movement may lead to new price changes. Under the current conditions, traders should wait for the price settlement beyond either limit. In this case, they will get a technical signal of a breakout, which will point to further price movement.

In terms of the complex indicator analysis, we see that in the short-term and intraday periods, the indicator is providing a mixed signal because of stagnation. In the mid-term period, the indicators are ignoring local price changes, still providing a buy signal.

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Hot Forecast for EUR/USD on December 10, 2024

The currency market continues to consolidate around levels reached on Friday, primarily due to the complete absence of any macroeconomic data. With today's economic calendar remaining empty and the European

Dean Leo 05:52 2024-12-10 UTC+2

Hot Forecast for EUR/USD on December 9, 2024

The unemployment rate in the United States increased from 4.1% to 4.2%, which was not entirely unexpected. However, the dollar strengthened. The key driver was the creation of 227,000

Dean Leo 06:27 2024-12-09 UTC+2

Hot Forecast for EUR/USD on December 6, 2024

Eurozone retail sales growth slowed significantly from 3.0% to 1.9%, much worse than even the most pessimistic forecasts. Yet, the euro still managed to gain ground. It is impossible

Dean Leo 06:31 2024-12-06 UTC+2

Hot Forecast for EUR/USD on 05.12.2024

The rate of decline in producer prices in the Eurozone slowed from -3.4% to -3.2%, contrary to expectations of an acceleration to -3.5%. This indicates that, while likely to decrease

Dean Leo 06:37 2024-12-05 UTC+2

Hot Forecast for EUR/USD on December 4, 2024

The number of job openings in the United States was expected to decrease by 63,000 but increased by 372,000. However, it's difficult to draw any conclusions from this data because

Dean Leo 06:30 2024-12-04 UTC+2

Hot Forecast for EUR/USD on December 3, 2024

Instead of rising from 6.3% to 6.4%, the Eurozone unemployment rate remained unchanged. However, this did not impact the market, and prices stayed flat. This is partly due to news

Dean Leo 06:30 2024-12-03 UTC+2

Hot Forecast for EUR/USD on 02.12.2024

Despite the acceleration of annual inflation in the Eurozone from 2.0% to 2.3%, the euro failed to rise and even weakened. Although the scale of the decline was limited

Dean Leo 05:52 2024-12-02 UTC+2

Hot Forecast for EUR/USD on November 27, 2024

As expected, the Federal Open Market Committee meeting minutes didn't reveal anything new. Given the dollar's excessive overbought condition, a continuation of the corrective movement, that is, some strengthening

Dean Leo 06:24 2024-11-27 UTC+2

Hot Forecast for EUR/USD on November 26, 2024

Despite some fluctuations, the market is essentially at a standstill. This pattern may persist until the FOMC meeting minutes are published this evening. A significant reaction is only likely

Dean Leo 06:46 2024-11-26 UTC+2

Hot Forecast for EUR/USD on November 25, 2024

The preliminary PMI data for the Eurozone delivered a negative surprise. Instead of expected growth, all indicators declined. The Services PMI fell from 51.6 to 49.2 (forecast: 52.0)

Dean Leo 06:26 2024-11-25 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.