06.12.202110:40 Forex Analysis & Reviews: Technical analysis of the EUR/USD pair for Dec 6-11, 2021

Trend analysis

The price from the level of 1.1311 (closing of the last weekly candle) may continue to rise this week to the target of 1.1387 – the historical resistance level (blue dotted line). If this level is broken upward, it may further increase to the target of 1.1440 – the pullback level of 23.6% (blue dotted line).

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - up
• Monthly chart - up

An upward movement can be concluded based on a comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend, with a lower shadow (Monday - down) and without an upper shadow (Friday - up) in the weekly white candlestick.

This week, the price from the level of 1.1311 (closing of the last weekly candle) may possibly rise to the target of 1.1387– the historical resistance level (blue dotted line). After breaking this level up, the upward movement may continue to the target of 1.1440 – the pullback level of 23.6% (blue dotted line).

Alternatively, the price from the level of 1.1311 (closing of the last weekly candle) may start declining to be able to test the lower fractal of 1.1186 (blue dotted line). Once this level is reached, it may increase to the target of 1.1343 – the pullback level of 14.6% (blue dotted line).