24.12.202111:54 Forex Analysis & Reviews: EUR/USD analysis and outlook for December 24, 2021

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Everything changes

Hi, dear traders!

Yesterday's trading session ended inconclusively for both bulls and bears. Thursday's rather positive US data releases still failed to give significant support to the US dollar. Initial jobless claims matched the forecasted 205,000. The core PCE price index, used by the Fed to gauge inflationary pressure, grew to 4.7%. Economists expected the index to reach 4.5%. It seems the market's activity weakened in the run-up to Christmas. The Santa Claus rallies observed in the past few years are clearly a thing of the past now. In the meantime, the European tourism sector is struggling - due to the new restrictions, holiday travel is out of the question for many Europeans. The COVID-19 situation is unlikely to improve until late 2022. In the best case scenario, the pandemic could begin to recede in mid-2022.

Daily

Due to Christmas's Eve, there are no events on the economic calendar today. Yesterday, EUR/USD found strong support at 1.1291 and recovered most losses it suffered earlier, despite the efforts of bearish traders. The pair closed at 1.1327 on Thursday. The red Tenkan-Sen line of the Ichimoku cloud gave additional support to EUR/USD. Yesterday's advice for traders to open long positions with low targets after the pair's decline into the 1.1305-1.1295 area turned out to be accurate.

The exchanges are closed in both the EU and the US due to Christmas, meaning there is a thin market at the moment. Today is not the best day for opening any positions. Traders could consider opening short positions if EUR/USD reaches the strong resistance in the 1.1343-1.1360 area. Emerging reversal candlestick patterns would serve as sell signals. It is recommended to set low targets when opening positions.

Good luck!

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