06.12.202105:57 Forex Analysis & Reviews: Forecast for EUR/USD on December 6, 2021

Over the last trading day, on Friday, the technical picture for the euro has slightly shifted towards growth. The daily rally was small, only 16 points, but the Marlin Oscillator started advancing, indicating an intention to exit the zone of negative values. This advanced growth is shown in the daily chart with gray rectangles.

Exchange Rates 06.12.2021 analysis

The probability of price growth, that is, overcoming the signal level of 1.1375 (November 18 high), increases to 60%. Then the 1.1448 target will open. Overcoming it and, accordingly, the MACD line, will become an almost confirmed sign of further medium-term growth.

Exchange Rates 06.12.2021 analysis

On the four-hour chart, since the opening of the session, the price has gone down, which still creates the risk of a deeper decline. This risk is realized when the price moves below the MACD indicator line, below 1.1254, the target will open at 1.1170. Continued growth is likely to resume with the price breaking Friday's high of 1.1334.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2022
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