FX.co ★ EUR/USD Forecast for December 20, 2024

Yesterday, the euro held a correction from the Dec. 17-18 move of 38.2%, returning to 1.0350 support by the end of the day. The correction is probably over; yesterday's candle has a large upper shadow.

If the price breaks through the 1.0350 level and Wednesday's low, we expect it to target 1.0250. At this level, there is a risk of forming a convergence with the Marlin oscillator, which could lead to a complex and prolonged correction. If the 1.0250 level is breached, the decline may continue to 1.0135.

On the H4 chart, the price is consolidating above the 1.0350 support level this morning. The Marlin oscillator remains directed upward and has not yet cooled off. Once consolidation is complete and the price stabilizes below the level, we anticipate movement toward 1.0250.