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21.12.202316:02 Forex Analysis & Reviews: Trading Signals for EUR/USD for December 21-22, 2023: buy above 1.0942 (6/8 Murray - 21 SMA)

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or 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. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 21.12.2023 analysis

Early in the American session, the EUR/USD pair is trading around 1.0967, above the 21 SMA, and above the 200 EMA. According to the 4-hour chart, we can see that the Euro continues its upward movement and we can also see that the Euro is trading inside the uptrend channel formed since November 2nd.

The symmetrical triangle pattern could offer the euro the opportunity for a bullish move. So, the price could reach the psychological level of 1.10. If it exceeds this level, we can expect it to reach 7/8 Murray at 1.1108 and even reach the top of the uptrend channel at 1.1125.

On the other hand, if the euro encounters resistance below the psychological level of 1.10 and falls below the 21 SMA, we can expect a bearish move. This scenario could allow us to sell. For it, we expect the euro to trade around 1.0935 with targets at 5/8 Murray (1.0864) and the 200 EMA at 1.0837. Finally, EUR/USD could reach the bottom of the uptrend channel around 1.0800.

The market sentiment report shows that there are 57.59% of traders who are selling the Euro. Technically, this means that the Euro could continue to rise in the coming days and could reach 1.1108. We see an increase in traders who are selling the Euro, this makes the bullish strength prevail.

Our trading plan is to buy the euro above 1.0942 with targets at 1.1018 and 1.1108. The eagle indicator is giving a positive signal which supports our bullish strategy.

Dimitrios Zappas
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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