Forex Analysis & Reviews: 05.12.2022 - Indicator analysis: Daily...

05.12.2022 10:05 AM

Indicator analysis: Daily review of EUR/USD on December 5, 2022

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Trend analysis (Fig. 1).

The euro-dollar pair may move downward from the level of 1.0531 (closing of Friday's daily candle) to 1.0426, the 14.6% retracement level (blue dotted line). After testing this level, an upward movement is possible to the upper fractal at 1.0545 (blue dotted line). Upon reaching this level, the price may continue to move up.

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 1.0531 (closing of Friday's daily candle) to 1.0426, the 14.6% retracement level (blue dotted line). After testing this level, an upward movement is possible to the upper fractal at 1.0545 (blue dotted line). Upon reaching this level, the price may continue to move up.

Alternatively, the price may move upward from the level of 1.0531 (closing of Friday's daily candle) to 1.0598, the historical resistance level (blue dotted line). After testing this level, a downward pullback is possible to the upper fractal at 1.0545 (blue dotted line).

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#EURUSD Technical analysis

Stefan Doll,
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