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28.11.2022 10:24 AM
Technical analysis of EUR/USD for November 28 to December 3

trend analysis

EUR/USD may start moving downward this week, from the level of 1.0395 (closing of the last weekly candle) to 1.0256, which is the 23.6% retracement level (blue dotted line). Then, it will bounce up to the upper fractal at 1.2479 (blue dotted line).

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Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - downtrend

Fibonacci levels - downtrend

Volumes - downtrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - downtrend

Monthly chart - uptrend

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

Conclusion: The pair will have a bearish trend, with no first upper shadow on the weekly black candle (Monday - down) and a second lower shadow (Friday - up).

So during the week, euro will fall from 1.0395 (closing of the last weekly candle) to the 23.6% retracement level at 1.0256 (blue dotted line), then bounce up to higher price levels.

Alternatively, quotes could dip from 1.0395 (closing of the last weekly candle) to the 14.6% retracement level at 1.0341 (blue dotted line), then go up to the upper fractal at 1.2479 (blue dotted line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2025
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