FX.co ★ EUR/USD. Technical Analysis for the Week of December 8–13

Trend Analysis (Fig. 1).

This week, from the level of 1.1641 (the close of the latest weekly candle), the market may continue moving upward toward 1.1792 – the 14.6% retracement level (blue dashed line). When testing this level, the price may pull back downward toward 1.1716 – the 23.6% retracement level (blue dashed line).

Fig. 1 (weekly chart).

Comprehensive Analysis:

• Indicator analysis – up
• Fibonacci levels – up
• Volumes – up
• Candlestick analysis – up
• Trend analysis – up
• Bollinger Bands – up
• Monthly chart – up

Conclusion of comprehensive analysis: upward trend.

Overall weekly forecast for the EUR/USD candle:

The price will most likely show an upward trend during the week, with the weekly white candle lacking a lower shadow (Monday – upward movement) and having an upper shadow (Friday – downward movement).

Alternative scenario:From the level of 1.1641 (the close of the latest weekly candle), the pair may continue moving upward toward 1.1716 – the 23.6% retracement level (blue dashed line). When testing this level, the price may pull back downward toward 1.1663 – the 14.6% retracement level (red dashed line).