EUR/USD
The euro gained 50 points on Tuesday, practically without any external reasons. Media reports about an alleged increase in risk appetite based on Trump's consent to peacefully transfer powers to Biden and expectations of new vaccine data can hardly be taken seriously, but yesterday's reduced trading volumes raise much more serious concerns about the euro's succeeding growth. With the same success, the price could have dropped to 1.1750 and won back. The speculation continues.
The daily chart shows that the price is trying to push through the resistance of the MACD indicator line, success will allow the price to reach the target along the price channel line at 1.1935. But this may not be the case, since we expect the United States to release good data today: the volume of orders for durable goods in October is forecast to grow by 1.0%, new home sales for the same month are expected to be 970-972,000 against 959,000 earlier, personal spending of consumers may show an increase of 0.4%, GDP for the third quarter in the second estimate is expected to slightly change and could rise from 33.1% to 33.2%.
The four-hour chart shows that the situation is completely rising - the price is above the indicator lines, the Marlin oscillator is increasing in the positive trend zone. But there is a pitfall here - the emerging divergence of the price and the oscillator. We are waiting for the development of events, namely the release of US reports.
The material has been provided by InstaForex Company - www.instaforex.com