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24.12.2022 03:45 PM
Weekly review of EUR/USD for December 19-23, 2022

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Overview :

Due to the upcoming Christmas and New Year's holidays, the trading working hours of many major financial centers was changed, which affected the trading of the EUR/USD pair notably, because the market was not stable and the trend was not clear. Consequently, the market will probably start showing the signs of tight sideways range on December 24-30, 2022. Thus, the EUR/USD pair will be restricted by the levels of 1.0673 and 1.0514. So it is of the foresight to pay attention to this area.

Caution, if there is a return to under 1.0671, it should not be forgotten that the basic trend is not yet clearly defined. Beware of against the trend sellers, many of whom will certainly benefit from this movement.

The bullish trend is currently very strong for the EUR/USD pair since morning. As long as the price remains above the support at the level of 1.0556, it could try to take advantage of the bullish rally. The first bullish objective is located at 1.0674.

Crossing it would then enable buyers to target 1.0674. Be careful, given the powerful bearish rally underway, excesses could lead to a short-term rebound. If this is the case, remember that trading against the trend may be riskier. It would seem more convenient to wait for a signal indicating reversal of the trend.

The trend has closed above the pivot point (1.0556) could assure that EUR/USD will move higher towards cooling new highs. The bulls must break through 1.0674 in order to resume the uptrend. The EUR/USD pair is at an all-time high against the dollar around the spot of 1.0674 and 1.0725 in coming days. The EUR/USD pair is inside in upward channel.

Closing above the major support (1.0556) could assure that EUR/USD will move higher towards cooling new highs. The EUR/USD pair is continuing rising by market cap at a range between 1.0556 and 1.0725. The EUR/USD pair is trading at 1.0622 after it reached 1.0674 earlier. The EUR/USD pair has been set above the strong support at the price of 1.0622, which coincides with the 78% Fibonacci retracement level.

This support has been rejected three times confirming the veracity of an uptrend. In the very short term, the general bullish sentiment is not called into question, despite technical indicators being neutral (RSI). The market is likely to show signs of a bullish trend around the spot of 1.0556. Buy orders are recommended above the area of 1.0556 with the first target at the price of 1.0622; and continue towards 1.0674 in order to test the last bullish wave.

The bullish momentum would be revived by a break in this resistance. Buyers would then use the next resistance located at 1.0674 as an objective. The EUR/USD pair closed last week above the 1.0600 USD level, starting today with bullish bias in attempt to move away from this level, which encourages us to propose the bullish bias in the upcoming sessions, targeting visiting 1.0674 as a first positive station. Further recovery should motivate the pair to challenge recent highs around 1.0724 to allow for extra gains to, initially, the interim hurdle at the 50-day EMA at 1.0724. The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 50 EMA is headed to the upside Bias will be back on the upside for retesting 1.0724 high.

On the upside, above 1.0556 USD will resume the rebound to 1.0622 USD resistance turned support. On the other hand, if the EUR/USD pair fails to break through the resistance price of 1.0622 today, the market will decline further to 1.0556 (return to the last bearish wave). The general bullish sentiment is confirmed by technical indicators. However, a tiny bearish correction could occur in case of excessive bullish movements. Next year targets : 1.0700 - 1.0800 - 1.1000.

Mourad El Keddani,
الخبير التحليلي لدى شركة إنستافوركس
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