FX.co ★ Technical analysis of EUR/USD for December 19-24, 2022

Trend analysis

EUR/USD may continue its upward movement this week, starting from the level of 1.0585 (closing of the last weekly candle) to 1.0695, which is the historical resistance level (blue dotted line). Upon reaching this, the pair is likely to head towards the upper fractal at 1.0736 (blue dotted line), then to higher price levels.

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - downtrend

Trend analysis - downtrend

Bollinger bands - uptrend

Monthly chart - 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 weekly white candle (Monday - up) and a second lower shadow (Friday - down).

So during the week, euro will rise from 1.0585 (closing of the last weekly candle) to the historical resistance level at 1.0695 (blue dotted line), go to the upper fractal at 1.0736 (blue dotted line), then move to higher price levels.

Alternatively, the quote could go up from 1.0585 (closing of the last weekly candle) to the historical resistance level at 1.0645 (blue dotted line), then fall to the 14.6% retracement level at 1.0559 (blue dotted line). The pair will bounce up to the resistance line at 1.0787 (blue bold line) after testing this level.