EUR/USD. Technical Analysis for the Week of December 1–6

[Ben Graham]

Trend Analysis (Fig. 1)

This week, from the level of 1.1598 (the close of the last weekly candle), the market may begin moving downward toward 1.1391 — the 61.8% retracement level (blue dashed line). When testing this level, the price may rebound upward toward 1.1488 — the historical resistance level (blue dashed line).

Fig. 1 (Weekly Chart).

Comprehensive Analysis:

• Indicator analysis — downward
• Fibonacci levels — downward
• Volume — downward
• Candlestick analysis — downward
• Trend analysis — downward
• Bollinger Bands — downward
• Monthly chart — downward

Conclusion from comprehensive analysis: downward movement.

Overall Summary for the Weekly EUR/USD Candle:

The price will most likely exhibit a downward tendency during the week, with the weekly bearish candle lacking the first upper shadow (Monday — down) and having a lower shadow (Friday — up).

Alternative Scenario:

From the level of 1.1598 (the close of the last weekly candle), the pair may begin moving downward toward 1.1492 — the 50% retracement level (blue dashed line). When testing this level, the price may rebound upward toward 1.1557 — the resistance line (bold blue line).

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