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Forex Analysis & Reviews: Indicator analysis: Daily review of EUR/USD on December 6, 2022
time 06.12.2022 09:55 AM
time Relevance up to, 07.12.2022 08:40 AM

Trend analysis (Fig. 1).

The euro-dollar pair may move downward from the level of 1.0489 (closing of yesterday's daily candle) to the 1.0410 support level (thick blue line). From this level, an upward movement is possible to the upper fractal at 1.0594 (blue dotted line). When testing this level, the price may continue to move up.

This image is no longer relevant

Fig. 1 (daily chart).

Comprehensive analysis:

  • Indicator analysis - down;
  • Fibonacci levels - down;
  • Volumes - down;
  • Candlestick analysis - down;
  • Trend analysis - up;
  • Bollinger bands - up;
  • Weekly chart - up.

General conclusion:

Today, the price may move downward from the level of 1.0489 (closing of yesterday's daily candle) to the 1.0410 support level (thick blue line). From this level, an upward movement is possible to the upper fractal at 1.0594 (blue dotted line). When testing this level, the price may continue to move up.

Alternatively, the price may move downward from the level of 1.0489 (closing of yesterday's daily candle) to 1.0447, the 8-period EMA (thin blue line). From this level, an upward movement is possible to 1.0598, the historical resistance level (blue dotted line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
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