16.12.202404:52 Forex Analysis & Reviews: Forecast for EUR/USD on December 16, 2024

Relevance up to 21:00 2024-12-16 UTC--5

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On Friday, the euro rebounded from the technical support level at 1.0461, closing the day with a 37-pip gain. During today's Pacific session, the pair continues its upward movement..

The Marlin oscillator has returned to the growth zone, which could indicate that the previous downward move (highlighted by the gray rectangle) was a false dip. Even if a breakout above doesn't occur (target at 1.0667), the bullish target of 1.0598 has been established. The euro will likely remain within the 1.0461–1.0598 range until the Federal Reserve meeting on Wednesday.

On the H4 chart, the Marlin oscillator has also shifted into the growing trend zone. If the price breaks above the MACD line resistance at 1.0538, the 1.0598 level will become the active target.

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