Based on the latest currency market data, this forex analysis aims to supply daily insight into the trading performance of the EUR/USD currency pair as of December 25, 2023. It covers daily, weekly, and monthly movement changes, the weekly correlation with the FGC Dollar Indicator (our Proprietary US Dollar Indicator), the trading condition, and predictive trading ranges.
Trading Performance Data
- Percentage Changes:
- Day-Over-Day Change: A slight decrease of 0.11% from the previous day.
- Week-Over-Week Change: A growth of 1.07% over the past week.
- Month-Over-Month Change: A modest increase of 0.93% over the past month.
- Correlation and Trading Condition:
- Weekly Correlation vs. FGC Dollar Indicator: A strong negative correlation at -0.9839.
- Trading Condition: Shifted from ‘Overbought’ to ‘Neutral’.
- Key Support/Resistance Levels:
- Lower Extreme: 1.0935
- Lower Level: 1.0969
- Mid-Level: 1.1003
- Upper Level: 1.1037
- Upper Extreme: 1.1071
- Predictive Trading Range Probabilities:
- Upper Range (57.10% Chance): Less Than or Equal to 1.1009
- Mid-Range (14.43% Chance): Less Than or Equal to 1.0967
- Lower Range (3.22% Chance): Less Than or Equal to 1.0940
Forex Market Analysis
- Short-Term Downturn: The minor day-over-day decrease suggests a slight cooling off, following the recent upward trend.
- Sustained Positive Trend: The week-over-week and month-over-month increases indicate a potential continuing positive trajectory for the EUR/USD pair.
- Shift to Neutral Condition: Moving from an ‘Overbought’ to a ‘Neutral’ condition suggests an indecisive market. Traders need to stay alert to any potential volatility with this forex pair.
- Trading Strategy Considerations:
- The key levels to watch include 1.1003 (Mid-Level), which could function as a short-term pivot point.
- The predictive trading range shows a high likelihood (57.10%) of the pair moving below 1.1009, suggesting this point as a near-term resistance level.
- The relatively lower probability (3.22%) of dropping below 1.0940 indicates a potential strong support base near the lower extreme.
Some Impactful Upcoming Economic Data
Release Date (12.28.2023):
Conclusion: The EUR/USD forex pair shows a modest day-over-day decline but maintains a positive outlook over the week and month. The shift to a ‘Neutral’ trading condition and the continued strong negative correlation with the FGC Dollar Indicator require key considerations by traders.
Risk Disclosure: Trading financial instruments such as but not limited to off-exchange foreign currencies (forex), cryptocurrency (cryptocurrencies), Futures, ETFs, Equities and Indexes contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
Trade at your Own Risk: Read Full Risk Disclosure @ https://www.franklinglobalcapital.com/disclosure\