11.12.202404:43 Forex Analysis & Reviews: Forecast for EUR/USD on December 11, 2024

Relevance up to 21:00 2024-12-11 UTC--5

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Investors' gradual shift away from risk continues. Yesterday, the U.S. stock index S&P 500 fell by 0.30%, and the euro followed suit, losing 24 pips, albeit within the context of anticipation for the European Central Bank meeting.

The November U.S. CPI report will be released today. The Core CPI is expected to remain unchanged at 3.3% YoY, while the headline CPI may increase from 2.6% YoY to 2.7% YoY.

Considering the slightly hawkish rhetoric from Federal Reserve officials over the past 1.5 weeks, the most likely scenario for the euro leading up to the ECB meeting is a decline toward the lower boundary of the 1.0461–1.0598 range.

Furthermore, the widely discussed 25-basis-point rate cut by the ECB has already been fully priced in, as evidenced by the euro's 4.5-figure decline since November 16. The market is now entirely focused on the Fed's actions and crisis-driven correlations.

On the 4-hour chart, yesterday's decline was halted by the MACD Line and the balance line. The Marlin oscillator remains on a downward trajectory. Today, the price may attempt to break below these indicator supports and consolidate beneath them.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.