FX.co ★ Hot forecast for EUR/USD on December 26, 2023

Although the US home price index will be published today, it will not have an impact on the market even if the growth rate accelerates from 6.1% to 6.5%. Europe is still on holiday. So, only the US market is open. Without the eurozone, activity in the markets comes to a standstill. Of course, not as explicitly as in the case of non-working holidays in the United States, but still, there are no shocks. And the significance of this report is extremely low, as its influence on inflation is elusive. In simpler terms, the market will likely stand still. Only loud and unexpected news can move the market.

The EURUSD pair closed the past week above the 1.1000 level. This indicates a prevailing bullish sentiment among market participants.

On the 4-hour chart, the RSI technical indicator is hovering in the upper area of 50/70. This indicates an increase in the volume of long positions.

On the same timeframe, the Alligator's MAs are headed upwards, corresponding to an uptrend.

Outlook

Today is the first trading day after Christmas, and the market may go through low volatility. In this case, there's a possibility of a volatile movement along the 1.1000 level. In regards to extending the upward cycle, we expect an increase in buying volumes after the price settles above the 1.1050 level.

The complex indicator analysis points to an uptrend in the short-term, medium-term and intraday periods.