FX.co ★ Technical analysis of EUR/USD for December 4-9

Trend analysis

EUR/USD may continue its upward movement this week, rising from the level of 1.0881 (closing price of the last weekly candle) to the upper fractal at 1.1017 (yellow dashed line). It may go further to higher levels after testing the price.

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - upward

Conclusion: The indicators point to an upward movement in EUR/USD.

Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and a second upper shadow (Friday - downward).

Therefore, during the week, euro will climb from 1.0881 (closing price of the last weekly candle) to the upper fractal at 1.1017 (yellow dashed line), and then go further to higher levels..

Alternatively, it could move up from 1.0881 (closing price of the last weekly candle) to the upper fractal at 1.1017 (yellow dashed line), followed by a bounce downward.