FX.co ★ Forecast for EUR/USD on December 5, 2024

The euro traded within a 72-pip range on Wednesday, closing exactly at Tuesday's closing level. It consolidated above 1.0483, which could suggest preparation for a breakout below 1.0449, but instead revealed seller weakness. This morning, the euro is showing signs of upward momentum.

The Marlin oscillator is preparing to transition into positive territory, opening the way for the price to target the 1.0590–1.0636 range. The groundwork for this upward movement has been more apparent since December 2, following a bounce from the MACD Line on the 4-hour chart (indicated by the arrow).

Yesterday, the price rebounded from the support level at 1.0483 and is now preparing to consolidate above the balance line (red moving average). The Marlin oscillator failed to consolidate in the positive territory yesterday, but it is likely to make another attempt today. This would prepare the euro for further growth tomorrow when the US stock market is expected to rise due to strong employment data.