empty
 
 
07.12.2022 03:27 PM
EUR/USD Technical Analysis and Trading Tips for December 7, 2022

This image is no longer relevant

During today's Asian trading session, EUR/USD continued to decline, but having found support at 1.0448 (200 EMA on the 1-hour chart), it resumed growth at the beginning of the European trading session.

As of writing, the pair is trading near 1.0500, which is a key resistance level of the 50-period moving average on the weekly chart of the EUR/USD.

This image is no longer relevant

Above the long-term support at 1.0395 (200 EMA on the daily chart), EUR/USD retains further upside potential, and a break above 1.0500 will confirm the bulls' intention to 'push' the pair higher, up to key resistance levels 1.1035 (144 EMA on the weekly chart), 1.1155 (200 EMA on the weekly chart).

Alternatively, after the breakdown of the 1.0448 support level, EUR/USD will head towards the 1.0395 key support level. Its breakdown will be a signal for the resumption of short positions on EUR/USD, and a breakdown of the 1.0260 support level (144 EMA on the daily chart) will confirm this downside scenario.

This image is no longer relevant

As noted in one of our previous reviews, in general, the EUR/USD global downward trend remains, and from a fundamental point of view, we should expect a resumption of decline at least and as a maximum, a further fall of the pair towards 20-year lows, when it was trading near 0.8700, 0.8600.

Support levels: 1.0448, 1.0395, 1.0260, 1.0190, 1.0000, 0.9745, 0.9700, 0.9600, 0.9550, 0.9500

Resistance levels: 1.0500, 1.0600, 1.0700, 1.0750, 1.1035, 1.1100, 1.1150

Trading Tips

Sell Stop 1.0440. Stop-Loss 1.0540. Take-Profit 1.0395, 1.0260, 1.0190, 1.0000, 0.9745, 0.9700, 0.9600, 0.9550, 0.9500

Buy Stop 1.0540. Stop-Loss 1.0440. Take-Profit 1.0600, 1.0700, 1.0750, 1.1035, 1.1100, 1.1150

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2024
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
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback