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EUR/USD Monthly Forecast: December 2024 (Chart)
(MENAFN- Daily Forex) The EUR/USD was hit by a massive wave of selling in the wake of the U.S election results and the currency pair is testing lows it has not traded since October of 2023.
The EUR/USD has touched depths in recent days that have challenged long-term values. It is unlikely many traders thought the 1.04000 level would be tested this November, when they were being asked for their thoughts when the month was just beginning. December because of economic data, central banks and the approaching Christmas season could remain difficult and choppy. The ability of the EUR/USD to climb slightly higher the past couple of days is good, but it will take a sustained move higher early next week and into the U.S Non-Farm Employment Change numbers to significantly alter current perspectives.EURUSD Chart by TradingViewUntil the EUR/USD exchange rate climbs back above the 1.06500 to 1.07000 levels traders may feel that the lower depths of the currency pair will remain the known range for the next few weeks. Yes, the ECB and U.S Fed will play a big part in trading the EUR/USD in December, but current nervous behavioral sentiment is likely to remain important throughout the month, meaning choppy tests of support and resistance levels will continue. Clarity for financial institutions may not be attained near-term.Ready to trade our
monthly forecast ? We've made a list of the
best European brokers
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- Current value for the EUR/USD as of this writing is near 1.0550, this is actually an improvement from the depth of 1.03370 realm that was touched last Friday.
- Today's trading and tomorrow's will be extremely light because of the U.S Thanksgiving holiday and this may be quite welcomed by financial institutions which have had their outlooks for the EUR/USD turned upside down the past handful of weeks.
- The question if U.S and European economic data will cause a reaction earlier in December is legitimate.
- Plenty of nervous outlooks remain within financial institutions regarding the mid-term, but at some point many traders likely assume tranquility will again be seen.
- U.S employment numbers will be published the end of next week and this will influence the EUR/USD.
- However, the Donald Trump factor should not be discounted quite yet in Forex.
The EUR/USD has touched depths in recent days that have challenged long-term values. It is unlikely many traders thought the 1.04000 level would be tested this November, when they were being asked for their thoughts when the month was just beginning. December because of economic data, central banks and the approaching Christmas season could remain difficult and choppy. The ability of the EUR/USD to climb slightly higher the past couple of days is good, but it will take a sustained move higher early next week and into the U.S Non-Farm Employment Change numbers to significantly alter current perspectives.EURUSD Chart by TradingViewUntil the EUR/USD exchange rate climbs back above the 1.06500 to 1.07000 levels traders may feel that the lower depths of the currency pair will remain the known range for the next few weeks. Yes, the ECB and U.S Fed will play a big part in trading the EUR/USD in December, but current nervous behavioral sentiment is likely to remain important throughout the month, meaning choppy tests of support and resistance levels will continue. Clarity for financial institutions may not be attained near-term.Ready to trade our
monthly forecast ? We've made a list of the
best European brokers
to trade with worth using.

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