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R.Linda Trading - forecast

EURUSD - Consolidating before the news....

2024-12-04 10:20 FOREX forecast

💡 Ideas For #EURUSD 🇪🇺🇺🇸

📈 Consolidating before the news....

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EURUSD is in a current downtrend, but there is news ahead and traders are waiting for hints about the US monetary policy. The currency pair has not yet reached the local target...

On D1, the struggle for space continues after the false breakdown of support. Also, the market is still yet to test 1.061 - 1.065 - the key liquidity zone.

Ahead of ADP Nonfarm, PMI and Powell's speech, where, according to analysts, the issue of rates, US monetary policy may come up. Any hints of an aggressive rate cut could reinforce buying in the Euro and selling in the Dollar. However, we can't know this ahead of time, so the market may remain in consolidation until the news.

Resistance levels: 1.0606, 1.0654, 1.076.

Support levels: 1.0448, 1.033

Technically, the currency pair can form an upward momentum to key resistance areas, from which the decline can resume. But, if the price breaks the support and consolidates below 1.044, the decline may start earlier.

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