Forex Analysis & Reviews: Forecast for EUR/USD on December 29, 2023

EUR/USD
Yesterday, the euro failed to settle above the level of 1.1076 and, with below-average volumes, returned below it. Reduced trading volumes tells us that major players are not closing long positions.

This morning, the price is rising again and pushing through the resistance at 1.1076. If it manages to stay above this mark, the 1.1185 target will become relevant again. Settling above 1.1185 will pave the way for the price to reach the target of 1.1280. On the daily chart, the Marlin oscillator edged down yesterday but has gone back to rising again in today's Asian session.

On the 4-hour chart, the price briefly settled below 1.1076 but quickly turned back up. This was supported by the Marlin oscillator, which reversed from the border of the downtrend territory. We expect the euro to rise further.

Analysis are provided by InstaForex

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