11.12.202309:23 Forex Analysis & Reviews: Technical analysis of EUR/USD for December 11-16

Trend analysis

EUR/USD may continue its downward movement this week, dropping from the level of 1.0761 (closing price of the last weekly candle) to the 61.8% retracement level of 1.0665 (yellow dashed line). Upon testing this price, the pair may turn around and begin moving upwards.

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - downward

Fibonacci levels - downward

Volumes - downward

Candlestick analysis - downward

Trend analysis - downward

Bollinger bands - downward

Monthly chart - downward

Conclusion: The indicators point to a downward movement in EUR/USD.

Overall conclusion: The pair will have a bearish trend, with no first upper shadow on the weekly black candle (Monday - downward) and a second lower shadow (Friday - upward).

Therefore, during the week, euro will fall from 1.0761 (closing price of the last weekly candle) to the 61.8% retracement level of 1.0665 (yellow dashed line), before turning around and starting an upward movement.

Alternatively, it could decline from 1.0761 (closing price of the last weekly candle) to the 50% retracement level of 1.0632 (yellow dashed line), followed by a rise to the 38.2% retracement level of 1.0799 (yellow dashed line).