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Analytics from ForexMart company – Forecasts – December 24, 2020

Analytics from ForexMart company – Forecasts – December 24, 2020


EUR / GBP. 24.12 | Decrease towards the EMA 200 line

Following the pin-bar pattern, the EUR / GBP currency pair dropped by more than 1000 points, to 0.8952, to the 200-day exponential moving average line – EMA 200.

The price of the EUR / GBP trading instrument broke through the round level 0.9000 at today’s trading, having renewed the minimum since the beginning of the month. The pair was unable to continue moving within the uptrend.

The sharp price movement is connected with the hopes of investors for a trade agreement between the EU and the UK, as well as profit taking on the eve of the holidays. In the medium term, I would like to see further development of the downward trend.

EUR / USD. 24.12 | Consolidation at 1.22

The EUR / USD pair is showing consolidation in the area of ​​local highs at 1.2200.

Yesterday’s weak statistics put some pressure on the dollar rate. In particular, the number of initial applications for unemployment benefits did not grow as much as analysts predicted, but still the figure is still above 800 thousand, which is a high figure. Moreover, in November, the growth in durable goods orders slowed, personal income and expenses fell, and new home sales fell sharply.

In addition, the consumer confidence index in the US fell in December to 88.6 points, while experts had expected the index to rise to 97 points.

At the same time, the European currency is supported by the approaching final in the Brexit negotiations. Experts note that the main controversial issues have already been practically resolved, and if an agreement between the EU and the UK is adopted, the euro may rush to the area of ​​1.2300.

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Today the macroeconomic calendar is almost empty, the markets are getting ready for Christmas. In the United States, it is a shortened day, and European exchanges do not work at all throughout the day. However, today you should still pay attention to the statistics on basic orders for durable goods in the US in November.

GBP / USD. 24.12 | The pound continues to storm the area of ​​local highs

The British pound was the leader on Wednesday trading, confidently moving to a local maximum at around 1.3570. Negative factors in the form of the emergence of new strains of coronavirus and the lack of progress in the Brexit negotiations have not yet put pressure on the British currency, but everything can change at any time.

The pressure on the US dollar against the pound was exerted by yesterday’s weak statistics. In particular, the number of initial applications for unemployment benefits did not grow as much as expected, but still the figure is still above 800 thousand.Moreover, in November the growth in the volume of orders for durable goods slowed down, income and expenses of individuals decreased. and new home sales fell sharply.

At the same time, the sterling is supported by the hopes of investors for the successful completion of negotiations on Brexit, despite the fact that the deadline for making a decision on a trade deal is rapidly approaching. Negotiations between the EU and the UK lasted all night, and if an agreement is reached, the pound will rush to new highs in the 1.40 area. If the negotiations fail, the dynamics of the British currency will depend on whether the debate continues in the future.

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Today the macroeconomic calendar is almost empty, the markets are preparing for Christmas, so the movement of the pair will be limited by a narrow range below the 1.3570 level.

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