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Stock market analytics, financial forecasts

Forexmart's Market Analysis section provides up-to-date information about the financial market. The overviews are intended to give you an insight into current trends, financial forecasts, global economic reports, and political news that influence the market.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Technical Analysis of EUR/USD for December 4, 2023
04:28 2023-12-04 UTC--5
Exchange Rates analysis

Technical Market Outlook:

The EUR/USD pair has been seen moving lower after the fake breakout above the 61% Fibonacci retracement ands is currently testing the key short-term technical support located at 1.0825. Any violation of this level would open the road towards the next technical support seen at the level of 1.0756. The momentum remains weak and negative on the H4 time frame chart as the bears are in charge of the price for now. Only a sustained breakout back above the level of 1.0966 would change the outlook to more bullish.

Weekly Pivot Points:

WR3 - 1.1179

WR2 - 1.1098

WR1 - 1.0991

Weekly Pivot - 1.0910

WS1 - 1.0803

WS2 - 1.0722

WS3 - 1.0615

Trading Outlook:

The EUR/USD market breakout above the 61% Fibonacci retracement of the recent weekly downtrend, positioned at 1.0963 and a weekly close above this level would serve as the initial signal for a potential long-term trend reversal in favor of the Euro.

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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.