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

[Ben Graham]

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).

The material has been provided by InstaForex Company - www.instaforex.com