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FX.co ★ Technical analysis for EUR/USD pair for the week of Dec 7-12, 2020

Technical analysis for EUR/USD pair for the week of Dec 7-12, 2020

Trend analysis

The price from the level of 1.2121 (closing of the last weekly candle) may continue to decline this week to the target of 1.1952 – a pullback level of 14.6% (red dotted line). Upon reaching this level, continue to work upwards to the target of 1.2177 (red dashed line) – upper fractal (weekly candle from 11/29/2018).

Technical analysis for EUR/USD pair for the week of Dec 7-12, 2020

Fig. 1 (weekly chart)

Comprehensive analysis:

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- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - down;

- Bollinger lines - down;

- monthly chart - down.

A downward movement can be concluded based on the comprehensive analysis.

The overall result of the candlestick calculation on the weekly chart: the price is likely to have a downward trend this week, with no upper shadow in the weekly black candlestick (Monday - down) and no lower shadow (Friday - up).

The first downside target is 1.1952 – a pullback level of 14.6% (red dashed line). After reaching this level, the price can move upwards to the target of 1.2177 (red dashed line) – the upper fractal (weekly candle from 11/29/2018).

An alternative scenario: the price from the level of 1.2121 (closing of the last weekly candle) can decline to the target of 1.1952 – a pullback level of 14.6% (red dotted line). Upon reaching this level, further decline can be expected to the target of 1.1812 – pullback level of 23.6% (red dotted line).

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