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04.12.202309:45 Forex Analysis & Reviews: Indicator analysis: Daily review of EUR/USD on December 4, 2023

Trend analysis (Fig. 1).

The EUR/USD currency pair may move downward from the level of 1.0881 (closing of Friday's daily candle) to 1.0861, the 50.0% pullback level (blue dotted line). From this level, an upward movement is possible with a target at the 1.0924 resistance level (white thick line). In the case of testing this level, the price may continue to rise with a target of 1.0944, the 14.6% pullback level (yellow dotted line), where a downward movement is possible.

Exchange Rates 04.12.2023 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

  • Indicator analysis – down;
  • Fibonacci levels – down;
  • Volumes – down;
  • Candlestick analysis – up;
  • Trend analysis – down;
  • Bollinger bands – up;
  • Weekly chart – down.

Today, the price may move downward from the level of 1.0881 (closing of Friday's daily candle) to 1.0861, the 50.0% pullback level (blue dotted line). From this level, an upward movement is possible with a target at the 1.0924 resistance level (white thick line). In the case of testing this level, the price may continue to rise with a target of 1.0944, the 14.6% pullback level (yellow dotted line), where a downward movement is possible.

Alternatively, the price may move downward from the level of 1.0881 (closing of Friday's daily candle) to 1.0846, the 21-day EMA (black thin line). From this level, an upward movement is possible with a target at the 1.0924 resistance level (white thick line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Stefan Doll,
Analytical expert of InstaSpot
© 2007-2024
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