07.12.2022 07:39 AM
Trading plan for EURUSD on December 07, 2022

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Technical outlook:

EURUSD dropped to the 1.0455 low intraday on Wednesday in line with our projection. Immediate short-term target potential remains in the 1.0400-20 zone before prices could develop a pullback rally. The single currency pair is seen to be trading close to 1.0470 at this point in writing as the bears might be preparing for yet another drag lower soon.

EURUSD might have carved a meaningful lower top around 1.0595 or is very close to carving one. Either way, the highly realistic wave count remains bearish towards 1.0000 at least. Short-term support is at 1.0420, followed by 1.0220 and lower; while interim resistance is seen around 1.0595. A break below 1.0420 will confirm that a meaningful top is in place around 1.0595.

EURUSD might test the 1.0700-50 zone, which is close to the resistance trend line, before turning lower towards the larger trend. A push through 1.0595 will indicate the possibility of carving another high towards the 1.0700-50 levels before going to the bears. The medium-term projected target remains 1.0000 and only a consistent drop lower will indicate that prices are settled below 0.9535.

Trading idea:

Potential drop towards 0.9535 against 1.0700

Good luck!

Oscar Ton,
Analytical expert of InstaForex
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