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05.12.2022 04:57 AM
Forecast for EUR/USD on December 5, 2022

The EUR/USD still managed to end Friday with a positive even though there was good data on the US labor market, which judging by the market's reaction after its release had initially pulled down the euro by more than 100 pips. In today's Asian session this local uptrend continues.

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The price still aims to reach the target range at 1.0615/42. The main scenario is the price reaching this range and a divergence following it. In case the price settles above 1.0615/42, the next target range of 1.0758/87 will become available. However, we should be more careful about this target, because the Federal Reserve meeting on the 14th is becoming more and more uncertain. To be exact, there have been more hawkish features lately.

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On the four-hour chart, Friday's decline was stopped by the balance and MACD indicator lines. Having received support from them, the price reversed to growth. Divergence on this chart is still there, but it is weak and does not prevent the price from reaching the first target range of 1.0615/42.

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