empty
09.12.2024 05:13 AM
Forecast for EUR/USD on December 9, 2024

Friday's U.S. employment data delivered mixed results, leading to dollar weakness. This weakness aligned with gains in the stock market (as previously anticipated). However, by the end of the day, investors decided to lock in short-term profits due to increased uncertainty surrounding the upcoming meetings of the Federal Reserve and the European Central Bank.

Mary Daly, President of the San Francisco Fed, unexpectedly stated that if inflation does not continue to decline, the Fed might raise rates. We interpret this as a signal of a potential rate hold on December 18 or a 0.25% rate cut accompanied by a pause announcement for January and March. Either outcome could favor the dollar.

Market sentiment regarding the ECB's monetary policy remains more pessimistic. Europe faces challenges like a potential trade war with Trump, deepening economic contraction, and internal political issues, including debt crises in Italy, Spain, and Greece. Consequently, even if the ECB cuts rates on December 12, the market response may be muted.

This image is no longer relevant

The euro remains within a range of uncertainty between 1.0461 and 1.0598. The upper boundary could extend to 1.0667, as the price needs to break above the daily balance line, which is capping upward movement.

The Marlin Oscillator has established itself in the growth zone. However, given Friday's profit-taking, the market may need time to accumulate positions before breaking above the 1.0598 resistance. Moving above this level would pave the way toward 1.0667 and reach the strategic target of 1.0762–1.0777.

Despite significant resistance at 1.0598, the euro retains its upward potential. A bearish shift would require a breakdown below the 1.0461 support level.

This image is no longer relevant

On the H4 chart, the Marlin Oscillator's signal line has reached zero-line support, suggesting a potential minor reversal and subsequent sideways movement under the 1.0598 resistance.

If the price attempts to breach 1.0461, the MACD at 1.0505 will get in its way, potentially leading to a false breakout. In conclusion, the euro continues to drift freely within the 1.0461–1.0598 range, awaiting a decisive move.

Laurie Bailey,
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
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST

Recommended Stories

Video analysis for January 24, 2025

Potential for the further upside on US100

Petar Jacimovic 13:23 2025-01-24 UTC+2

EUR/JPY: ECB's Decision to Cut Rates Could Weigh on the Pair

The ongoing recession in Europe, compounded by the Western conflict with Russia on Ukrainian territory, is likely to force the European Central Bank (ECB) to lower interest rates to mitigate

Pati Gani 11:52 2025-01-24 UTC+2

Forecast for EUR/USD on January 24, 2025

On Thursday, the EUR/USD pair rebounded from the 76.4% Fibonacci corrective level at 1.0376, reversed in favor of the euro, and secured above the 100.0% Fibonacci level at 1.0437. This

Samir Klishi 11:40 2025-01-24 UTC+2

GBP/USD. January 24th. The US Dollar Awaits the FOMC Meeting

On the hourly chart, the GBP/USD pair rebounded from the 261.8% Fibonacci level at 1.2303 on Thursday, reversed in favor of the British pound, and secured itself above the 1.2363–1.2370

Samir Klishi 11:32 2025-01-24 UTC+2

Forex forecast 24/01/2025: EUR/USD, GBP/USD, USD/JPY and Bitcoin

Video Agenda: 00:00 INTRO00:14 Totay's key events: HCOB Germany Manufacturing PMI, S&P Global Manufacturing PMI, S&P Global Services PMI, Existing Home Sales 02:40 EUR/USD04:34 USDX06:28 GBP/USD07:57 USD/JPY10:26 BTC/USD Useful links

Sebastian Seliga 10:21 2025-01-24 UTC+2

EUR/USD and GBP/USD on January 24 - Technical Analysis of the Situation

Bullish traders are looking to maintain their current positions and potentially push the pair higher. Since today is Friday, the weekly close will be significant. An ideal scenario

Evangelos Poulakis 09:21 2025-01-24 UTC+2

Forecast for EUR/USD on January 24, 2025

The euro has been poised for a decline since Tuesday; however, the growth of the stock market has kept European currencies in a sideways trend. We do not anticipate

Laurie Bailey 03:34 2025-01-24 UTC+2

Forecast for GBP/USD on January 24, 2025

On Thursday, the GBP/USD pair once again tested the resistance level at 1.2367. However, today the price has begun the session with a decline. The signal line of the Marlin

Laurie Bailey 03:34 2025-01-24 UTC+2

Forecast for USD/JPY on January 24, 2025

Today at 3:00 AM London time, the Bank of Japan is expected to raise the interest rate from 0.25% to 0.50%. The accompanying press conference is scheduled for 9:30

Laurie Bailey 03:34 2025-01-24 UTC+2

Trading Signals for EUR/USD for January 23-26, 2025: sell below 1.0400 (21 SMA - 5/8 Murray)

The Eagle indicator is reaching an overbought zone. So, we believe that there will be a strong fall in EUR/USD in the next few days. The 1.0400 level could

Dimitrios Zappas 14:00 2025-01-23 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.