05.12.2022 04:05 PM
Short-term technical analysis on EURUSD for December 5th, 2022.

This image is no longer relevant

Green lines - Fibonacci retracements

Red line- higher highs

EURUSD is trading above 1.0560 as price continues making higher highs and higher lows. Price has now reached the 38% Fibonacci retracement of the entire decline from 1.2270. The RSI is entering overbought levels and we might see the end of the upward wave from 0.9535. The RSI is also making new higher highs implying that this upward move has still room to go. We might see a pull back towards 1.0420 but overall bulls remain strong and in control of the trend. Overall in the near term we favor a pull back, but for longer-term, the chances of a move towards the 50% retracement remain high.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 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.
  • 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.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback