01.12.202211:17 Forex Analysis & Reviews: Technical analysis of EUR/USD for December 2022

trend analysis:

EUR/USD will increase this December, starting from 1.0323 (closing of the November monthly candle) to 1.0609, which is the 38.2% retracement level (red dotted line). Then, it will go to the historical resistance level of 1.0784 (blue dotted line), before turning down again.

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

All this points to an upward movement in EUR/USD.

Conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (the first week of the month is white) and no second upper shadow (the last week is white).

Throughout the month, quotes will climb from 1.0323 (closing of the November monthly candle) to the 38.2% retracement level at 1.0609 (red dotted line), go to the historical resistance level of 1.0784 (blue dotted line), then turn down again.

Alternatively, the pair could rise from 1.0323 (closing of the November monthly candle) to the 38.2% retracement level at 1.0609 (red dotted line), continue to the historical resistance level of 1.0784 (blue dotted line), then jump to the 50.0% retracement level at 1.0941 (blue dotted line). The downward movement may resume after testing this level.