empty
 
 

Forex Analysis & Reviews: Trading plan for EURUSD on December 02, 2022
time 02.12.2022 11:05 AM
time Relevance up to, 30.12.2022 11:05 AM

This image is no longer relevant

Technical outlook:

EURUSD climbed through the 1.0540-45 highs intraday on Friday, almost hitting the projected targets as discussed earlier. The single currency pair is seen to be trading close to 1.0540 at this point in writing as the bulls prepare to take on the 1.0550-1.0600 targets. A potential top could be carved during the New York session later before the bears come back in control.

EURUSD is facing strong resistance around 1.0550-1.0600 as projected on the daily chart here. The larger-degree counter-trend rally, which had begun from 0.9535 earlier, is also expected to terminate between 1.0550 and 1.0600 levels. Furthermore, the Fibonacci 0.382 retracement of the drop between 1.2266 and 0.9535 is also passing close to the 1.0600 mark.

A high probability remains for a turn lower if prices reach the 1.0550-1.0600 range. Also, note that RSI on several timeframes is beginning to show bearish divergence (not shown here), which encourages a potential reversal. A break below 1.0290 will confirm that a larger-degree downtrend has resumed and the bears are back in control.

Trading idea:

Potential drop against 1.0700

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

InstaForex分析评论将让您充分了解市场趋势! 作为InstaForex的客户,您将获得大量的免费服务以实现有效的交易。

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

EUR/USD heading towards 1.0500

The EUR/USD pair dropped below the uptrend line and below the 1.0771 former low which represented downside obstacles, signaling that the upward movement ended and that we may have

Ralph Shedler 20:30 2023-02-06 UTC+2

AUD/USD outlook for February 6, 2023

A strong report from the U.S. Department of Labor last Friday contributed to the sharp strengthening of the U.S. dollar. Its DXY index gained 2%, while all major currencies fell

Jurij Tolin 14:12 2023-02-06 UTC+2

Trading tips for USD/CHF

The plan presented last January 2 was to place a new set of buy limits in USD/CHF. The aim was to increase prices, which is exactly what happened when

Andrey Shevchenko 11:09 2023-02-06 UTC+2

Trading tips for EUR/USD

The plan presented last January 2 aims to decrease EUR/USD prices according to this scenario: That is exactly what happened on Friday, after the US reported stronger-than-expected data

Andrey Shevchenko 11:08 2023-02-06 UTC+2

Trading tips for AUD/CAD

The plan presented last January 25 talked about setting a new grid of sell limits in AUD/CAD. The target was to decrease the prices, which is exactly what happened

Andrey Shevchenko 11:06 2023-02-06 UTC+2

Trading tips for USD/JPY

The previous trading plan in USD/JPY talked about increasing the price of the pair, which is exactly what happened on Friday, after the US released better-than-expected data on the labor

Andrey Shevchenko 11:06 2023-02-06 UTC+2

EUR/USD and GBP/USD trading plan for beginners on February 6, 2023

The EURUSD currency pair accelerated its decline due to the strong information and news background. As a result, the quote not only reached the level of 1.0800, it managed

Gven Podolsky 10:25 2023-02-06 UTC+2

Trading plan for US dollar index on February 03, 2023

The US dollar index finally bottomed at 100.51 over the last week as the bulls staged an impressive rally towards 102.80 post-NFPs last Friday. The index is currently trading around

Oscar Ton 10:24 2023-02-06 UTC+2

Trading plan for EURUSD on February 06, 2023

EURUSD finally reversed sharply from the 1.1025 high, the supposed resistance zone, on Friday. The single currency pair dragged through fresh lows at 1.0780 on Monday and is seen

Oscar Ton 09:45 2023-02-06 UTC+2

Outlook and trading signals for GBP/USD on February 6. COT report. USD determines its future

Analysis of GBP/USD, 5-minute chart On Friday, the pound/dollar pair slumped. However, judging by the fundamental and macroeconomic data received last week, the situation could hardly be the opposite. Notably

Paolo Greco 07:49 2023-02-06 UTC+2
现在无法通话?
提出您的问题,用 在线帮助.