05.12.2022 09:47 AM
Technical analysis of EUR/USD for December 5-10, 2022

Trend analysis

EUR/USD may continue its upward movement this week, starting from the level of 1.0531 (closing of the last weekly candle) to 1.0695, which is the historical resistance level (blue dotted line). A pullback is possible immediately after the pair tests the level.

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Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - downtrend

Monthly chart - uptrend

All this points to a upward movement in EUR/USD.

Conclusion: The pair will have a bullish trend, with a first lower shadow on the weekly white candle (Monday - down) and a second lower shadow (Friday - down).

So during the week, euro will rise from 1.0531 (closing of the last weekly candle) to the historical resistance level at 1.0695 (blue dotted line), followed by a decline.

Alternatively, the quote could go up from 1.0531 (closing of the last weekly candle) to the 85.4% retracement level at 1.0604 (yellow dashed line), then fall downwards.

Stefan Doll,
Analytical expert of InstaForex
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