Currency pair Euro Dollar EUR/USD completes the trading week near the area of 1.0524 and continues to move as part of growth and has left the descending channel. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers of the European currency and a likely continuation of the fall from current levels. At the moment, we should expect an attempt to develop a slight decrease and test the support area near the level of 1.0235. Where is the expected rebound up and continued growth of the Euro Dollar. The potential upside target is the area above the level of 1.1365.
EUR/USD Forecast December 5 — 9, 2022
An additional signal in favor of the growth of the EUR/USD currency pair on Forex will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel, which was broken up by buyers. Cancellation of the option to raise the quotes of the Euro/Dollar pair in the current trading week December 5 — 9, 2022 will be a fall and a breakdown of the level of 0.9775. This will indicate a breakdown of the support area and a continuation of the fall of the pair to the area below the level of 0.9465. With the breakdown of the resistance area and the closing of quotes above the level of 1.0625, we should expect confirmation of the rise in the pair.
Among the important news from America and Europe in the next trading week, which may have an impact on the EUR/USD rate, it is worth highlighting: European Union Retail Sales m/m, EIA United States Crude Oil Stocks Change, European Union Employment Change q/q.
EUR/USD Forecast December 5 — 9, 2022 suggests an attempt to develop a slight correction and test the support area near the level of 1.0235. Where should we expect the pair to continue falling in the Forex market to the area below the level of 1.1365. An additional signal in favor of the decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option to reduce the Euro Dollar will be a strong growth and a breakdown of the level of 0.9775. In this case, we should expect the pair to continue to rise with a potential target at the level of 0.9465.
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