FX.co ★ Technical analysis of the EUR/USD pair for Dec 27-31, 2021

Trend analysis

The price from the level of 1.1323 (closing of the last weekly candle) will possibly rise to the target of 1.1387 - the historical resistance level (blue dotted line). If this level is broken upward, it may move up higher to the target of 1.1440 – the pullback level of 23.6% (blue dotted line).

Fig 1 (weekly chart)

Indicator 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, both without a lower shadow (Monday - up) and without an upper shadow (Friday - up) in the weekly white candlestick.

This week, the price from the level of 1.1323 (closing of the last weekly candle) may further rise to the target of 1.1387 – the historical resistance level (blue dotted line). In case of breaking this level up, the upward movement will continue to the target of 1.1440 – the pullback level of 23.6% (blue dotted line).

Alternatively, the price from the level of 1.1323 (closing of the last weekly candle) may begin declining to be able to test the support line of 1.1246 (red bold line). After reaching this line, it is likely to rise to the target of 1.1343 – the pullback level of 14.6% (blue dotted line).