Currency market review December 4, 2019

What do we see in the foreign exchange market?

From the very beginning of the week, the dollar 🇺🇸 was under the pressure of bears. Investors calmly closed their profits made last week and went short.

But at the moment, more and more active bursts of buyers are beginning to appear, while the price of the dollar remains under serious pressure from sellers.

The formation of a short-term upward movement is not excluded, however, the likelihood of a good decline within the current year remains quite high.

The general market sentiment is downward.

The single European 🇪🇺 currency is trading in the flat channel after the release of their medium-term downtrend. The general mood of investors in this currency is supportive.

The growth of the euro in the area of ​​1.12200 is most rational amid a weakening US dollar. It is possible that this year the Christmas rally will be brightly presented in currency pairs with EUR.

The consolidation of the British pound 🇬🇧 in the usual range, from which the pound did not manage to exit from October 21 to December 3, is completed, the expected breakthrough of the flat to the north.

The behavior of the pound price demonstrates the presence of a large position in the accumulation market. As for the nature of the accumulations, it is bullish. Trade does not develop under the influence of rush or panic, instead of practicing the course from September 2019.

The general market sentiment is upward.