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17.12.201809:09 Forex Analysis & Reviews: Forecast for EUR / USD pair on December 17, 2018

Long-term review

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EUR / USD pair

Friday events have been developing in their expected way. The euro pushed the balance line to the lower period on the daily chart. The price fixed below the balance lines and MACD. Also on the daily chart, the Marlin oscillator signal line has come down from the wedge. The reason for all was the failure data on business activity in the euro area and the unexpectedly high growth of industrial production in the United States.

The French Services PMI has fallen from 55.1 to 49.6 due to the protest movement of the "yellow helmets". As a result, the Eurozone Services PMI decreased from 53.4 to 51.4 in December. The Industrial PMI dropped from 51.8 to 51.4.

In the US, the industrial production grew by 0.6% against the expected 0.3% in November. Retail sales were also better than expected with 0.2% vs. 0.1%.

The trend of the euro finally gained a downward look. We are waiting for the price at the target levels of 1.1170 and 1.1080.

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