Forex Analysis & Reviews: Trading plan for EURUSD on December 05, 2022
time 05.12.2022 12:15 PM
time Relevance up to, 02.01.2023 12:15 PM

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Technical outlook:

EURUSD rose through fresh swing highs at 1.0584 during the early Asian session on Monday, barely a few pips away from 1.0600 as projected earlier. The single currency pair has eased off a bit and is seen to be trading close to 1.0555 at this point in writing. A high probability remains for a break below the 1.0400 initial support as the bears are poised to be back in control.

EURUSD seems to have finally hit the projected target just shy by a few points to 1.0600. The last wave rally from 0.9740 also seems complete as prices hit the Fibonacci 1.271 extension as projected on the daily chart here. The larger-degree downtrend could resume anytime soon and drag prices below 0.9535, going forward.

EURUSD is facing resistance at around 1.0750, while support is seen at 1.0400 (short-time frame), followed by 1.0220 lower. A break below 1.0400 is the minimum requirement to confirm that prices are heading south. On the flip side, a push above 1.0584 will open the door to test 1.0750 before the bears are back in control.

Trading idea:

Potential bearish reversal against 1.0700

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2023
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