16.12.201909:09 Forex Analysis & Reviews: Hot forecast for EUR/USD on 12/16/2019 and trading recommendation

In many ways, the single European currency as predicted, which initially rushed up after the pound, against the background of the results of the early parliamentary elections in which Boris Johnson won a crushing victory, began to adjust quite quickly. In fact, the rollback began almost immediately after the rise. However, the fact that according to the results of Friday, the single European currency closed in the red was funny. That is, first, the single European currency soared 70 points up, and then fell 80 points during the day.

The fact that a rollback was inevitably due to a single European currency was quite predictable, and it went on as usual. After all, the growth of the single European currency was due solely to emotions, and not economic realities, and it is these very realities that became the reason for the end of the trading week. Moreover, the decline in the single European currency only intensified. Now, we are talking about retail sales in the United States, the growth rate of which accelerated from 3.2% to 3.3%. Of course, this in itself is a rather positive factor for the dollar, but if we add to this the recent inflation growth, the picture is generally wonderful from the point of view of business, as companies' profits will double in size - due to sales growth, as well as growth prices.

Retail Sales (United States):

Composite Business Activity Index (United States):

From a technical point of view, we are witnessing an attempt by the euro / dollar to gain a foothold at higher levels, and the range of fluctuations is still relatively large. The support level is located at 1.1115 while the resistance level is located at around 1.1165.