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12.12.202211:06 Forex Analysis & Reviews: EUR/USD and GBP/USD technical analysis on December 12, 2022

EUR/USD

Exchange Rates 12.12.2022 analysis

Higher time frames

The pair closed last week with a vaguely formed candlestick. Bulls tested the monthly resistance level of 1.0611 but failed to break through it. At the same time, bears were also lacking momentum to take over the market. So, the two forces continue to compete with each other. Today, the resistance for bulls is found at 1.0611, while the bearish pressure is limited by the support at 1.0442 of the short-term trend.

Exchange Rates 12.12.2022 analysis

H4 – H1

While trading in a narrow range on higher time frames, the pair is testing the key levels on the lower ones. Today, these levels are located at 1.0518 (weekly long-term trend) and 1.0543 (daily pivot point). A further move below this area will intensify the selling pressure. The intraday support levels are found at the standard pivot levels of 1.0497 – 1.0457 – 1.0411. Consolidation above the key levels (1.0518-43) will strengthen the bullish bias. The upper targets for the day are the levels of 1.0583 – 1.0629 –1.0669 (standard pivot levels).

***

GBP/USD

Exchange Rates 12.12.2022 analysis

Higher time frames

The pound bulls keep testing the key levels of 1.2292 – 1.2302 (a fully tested daily target + monthly medium-term trend). So far, the buyers have failed to overcome the resistance area. However, the sellers have also failed to develop a rebound from the nearest resistance. So, the further direction of the pair will be determined after testing the area of 1.2292 – 1.2302. The next resistance level is found at 1.2454 (lower boundary of the monthly Ichimoku Cloud), while the nearest support is seen at 1.2121 – 1.2099 (daily short-term trend + first daily target).

Exchange Rates 12.12.2022 analysis

H4 – H1

On lower time frames, the pair is trading near the key levels located at 1.2262 – 1.2209 (central pivot level + weekly long-term trend). Trading close to the key levels creates market uncertainty. A move beyond the above-mentioned area will indicate the strength of either bulls or bears. Additional intraday targets are found at 1.2322 – 1.2381 – 1.2441 (resistance of standard pivot levels) and 1.2143 – 1.2084 (support of standard pivot levels).

***

Technical analysis is based on:

Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 – Pivot Points (standard) + 120-day Moving Average (weekly long-term trend)

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Evangelos Poulakis,
Analytical expert of InstaSpot
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