FX.co ★ Forecast for EUR/USD on December 27, 2023

EUR/USD

The pre-New Year rally continues; S&P 500 up 0.42%, the euro up by 28 points, oil up by 1.99%, and gold up by 0.52%. The euro has surpassed the target resistance at 1.1033, and today, it opened above this level. Now the pair must take one final leap to move towards 1.1076, where we might see profit-taking for the entire pre-New Year movement.

There is also room for growth in the stock market; the S&P 500 index is 0.9% away from the record high, and 2.28% away from the 4883 target along the price channel line (see the review from December 25).

On the 4-hour chart, the price has managed to consolidate above 1.1033.

Although the Marlin oscillator is in the positive territory, it appears weak, formally consolidating above the zero line. A delay in the price's growth may push the oscillator to move into negative territory. The least we can do for today is to close the day above yesterday's closing price.