empty
24.12.2022 03:45 PM
Weekly review of EUR/USD for December 19-23, 2022

This image is no longer relevant

Overview :

Due to the upcoming Christmas and New Year's holidays, the trading working hours of many major financial centers was changed, which affected the trading of the EUR/USD pair notably, because the market was not stable and the trend was not clear. Consequently, the market will probably start showing the signs of tight sideways range on December 24-30, 2022. Thus, the EUR/USD pair will be restricted by the levels of 1.0673 and 1.0514. So it is of the foresight to pay attention to this area.

Caution, if there is a return to under 1.0671, it should not be forgotten that the basic trend is not yet clearly defined. Beware of against the trend sellers, many of whom will certainly benefit from this movement.

The bullish trend is currently very strong for the EUR/USD pair since morning. As long as the price remains above the support at the level of 1.0556, it could try to take advantage of the bullish rally. The first bullish objective is located at 1.0674.

Crossing it would then enable buyers to target 1.0674. Be careful, given the powerful bearish rally underway, excesses could lead to a short-term rebound. If this is the case, remember that trading against the trend may be riskier. It would seem more convenient to wait for a signal indicating reversal of the trend.

The trend has closed above the pivot point (1.0556) could assure that EUR/USD will move higher towards cooling new highs. The bulls must break through 1.0674 in order to resume the uptrend. The EUR/USD pair is at an all-time high against the dollar around the spot of 1.0674 and 1.0725 in coming days. The EUR/USD pair is inside in upward channel.

Closing above the major support (1.0556) could assure that EUR/USD will move higher towards cooling new highs. The EUR/USD pair is continuing rising by market cap at a range between 1.0556 and 1.0725. The EUR/USD pair is trading at 1.0622 after it reached 1.0674 earlier. The EUR/USD pair has been set above the strong support at the price of 1.0622, which coincides with the 78% Fibonacci retracement level.

This support has been rejected three times confirming the veracity of an uptrend. In the very short term, the general bullish sentiment is not called into question, despite technical indicators being neutral (RSI). The market is likely to show signs of a bullish trend around the spot of 1.0556. Buy orders are recommended above the area of 1.0556 with the first target at the price of 1.0622; and continue towards 1.0674 in order to test the last bullish wave.

The bullish momentum would be revived by a break in this resistance. Buyers would then use the next resistance located at 1.0674 as an objective. The EUR/USD pair closed last week above the 1.0600 USD level, starting today with bullish bias in attempt to move away from this level, which encourages us to propose the bullish bias in the upcoming sessions, targeting visiting 1.0674 as a first positive station. Further recovery should motivate the pair to challenge recent highs around 1.0724 to allow for extra gains to, initially, the interim hurdle at the 50-day EMA at 1.0724. The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 50 EMA is headed to the upside Bias will be back on the upside for retesting 1.0724 high.

On the upside, above 1.0556 USD will resume the rebound to 1.0622 USD resistance turned support. On the other hand, if the EUR/USD pair fails to break through the resistance price of 1.0622 today, the market will decline further to 1.0556 (return to the last bearish wave). The general bullish sentiment is confirmed by technical indicators. However, a tiny bearish correction could occur in case of excessive bullish movements. Next year targets : 1.0700 - 1.0800 - 1.1000.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Signals for GOLD (XAU/USD) for July 23-25, 2024: buy above $2,389 (rebound - 5/8 Murray)

Gold is trading around 2,402.86 below the downtrend channel formed since July 17 and within the uptrend channel formed after reaching the low of 2,384. Gold remains under bearish pressure

Dimitrios Zappas 17:01 2024-07-23 UTC+2

GBP/USD: trading tips for beginners for the European session on June 25

The price test of 1.2672 occurred when the MACD indicator was just starting to rise from the zero mark, which confirmed the correct entry point to buy the pound

Jakub Novak 09:11 2024-06-25 UTC+2

Analysis and trading tips for GBP/USD on April 15

Analysis of transactions and tips for trading GBP/USD Further decline became limited because the test of 1.2477 took place at a time when the MACD line moved downward quite strongly

Jakub Novak 09:10 2024-04-15 UTC+2

Weekly review on GBP/USD on November 26-30, 2023

The current price is set at the level of 1.2423 that acts as a daily pivot point seen at 1.2434. Equally important, the price is in a bullish channel. According

Mourad El Keddani 18:57 2023-11-26 UTC+2

Weekly review on EUR/USD on November 26-30, 2023

The trend of EUR/USD pair movement was controversial as it took place in the downtrend channel. Due to the previous events, the price is still set between the levels

Mourad El Keddani 18:45 2023-11-26 UTC+2

Weekly review on GBP/USD on November 20-24, 2023

The trend of GBP/USD pair movement was controversial as it took place in the downtrend channel. Due to the previous events, the price is still set between the levels

Mourad El Keddani 19:45 2023-11-20 UTC+2

Weekly review on EUR/USD on November 20-24, 2023

A trend in the EUR/USD pair was argumentative as it was trading in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price

Mourad El Keddani 19:34 2023-11-20 UTC+2

Weekly review on GBP/USD on November 11, 2023

The current short-term bearish trend is expected to quickly reset the neutral or bearish trend. To avoid contradicting the short term, it would be possible to favour short positions (for

Mourad El Keddani 19:48 2023-11-11 UTC+2

Weekly review on EUR/USD on November 11, 2023

The trend of EUR/USD pair movement was controversial as it took place in the downtrend channel. Due to the previous events, the price is still set between the levels

Mourad El Keddani 19:41 2023-11-11 UTC+2

Weekly review on EUR/USD for October 30-31, 2023

The EUR/USD pair hit the weekly pivot point and resistance 1, because of the series of relatively equal highs and equal lows. But, the pair has risen down in order

Mourad El Keddani 22:52 2023-10-30 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.