empty
 
 

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

This image is no longer relevant

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
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 analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • 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

Outlook and trading signals for GBP/USD on February 2. COT report. Analysis of market situation. The pound remains in a sideways channel

GBP/USD also showed good growth, but failed to leave the horizontal channel bounded by the levels of 1.2288 and 1.2429. During the last few weeks, the pound

Paolo Greco 07:40 2023-02-02 UTC+2

Outlook and trading signals for EUR/USD on February 2. COT report. Analysis of market situation. The euro grows for no reason

EUR/USD continued to grow quietly during the whole third trading day of the week. Naturally, late in the evening, when the results of the US central bank meeting were announced

Paolo Greco 07:38 2023-02-02 UTC+2

How to trade GBP/USD on February 2. Simple trading tips and analysis for beginners

GBP/USD did not show any desire to move. Volatility was about 50 pips, which is a miniscule amount for the pound. There were few macro data, but at least there

Paolo Greco 22:51 2023-02-01 UTC+2

How to trade EUR/USD on February 2. Simple trading tips and analysis for beginners

EUR/USD continued the upward movement that started the day before after the rebound from 1.0806. Thus, the pair remained in the sideways channel of 1.0806-1.0923, in which it has been

Paolo Greco 22:51 2023-02-01 UTC+2

Dow Jones Industrial Average outlook for February 1, 2023

In general, the upward dynamics of the U.S. stock market and its three major stock indices remains. Futures on one of the major U.S. stock indices, the Dow Jones Industrial

Jurij Tolin 14:33 2023-02-01 UTC+2

Trading tips for oil

Due to the warm weather and oversaturation of the LNG market in Europe, oil prices fell more than three times since last fall, breaking through the important technical level

Andrey Shevchenko 13:13 2023-02-01 UTC+2

GBP/USD: trading plan for American session on February 1. Overview of morning trades. GBP hesitant to pick up trajectory

When to open long positions on GBP/USD: In the morning, there were no entry points. Now, let's look at the 5-minute chart and figure out what actually happened. The pair

Miroslaw Bawulski 11:57 2023-02-01 UTC+2

EUR/USD trading plan for North American session on February 1, 2023. Overview of morning trades. Eurozone inflation finally cools

In my morning review, I mentioned the level of 1.0874 as a possible entry point. Let's see what happened on the 5-minute chart. A rise to this level

Miroslaw Bawulski 11:56 2023-02-01 UTC+2

EUR/USD and GBP/USD trading plan for beginners on February 1, 2023

The EURUSD currency pair reached the 1.0800 support level during the downward activity. This price move led to the transition from the flat stage to a full-blown correction. However, this

Gven Podolsky 11:33 2023-02-01 UTC+2

EUR/USD: trading plan for European session on February 1. COT report. Traders prepare for the Fed meeting

Yesterday, there were good signals to enter the market. Let's take a look at the 5-minute chart to figure out what happened. Earlier, I asked you to focus

Miroslaw Bawulski 08:23 2023-02-01 UTC+2
Can't speak right now?
Ask your question in the chat.