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Forex Traiding

Analysis and forecast for EUR / USD for December 6, 2021



DATE OF PUBLICATION: 2021-01-06 12: 10: 58Hello, dear colleagues! DailyDespite the trading results on January 4 and the formation of an outright bearish candlestick pattern with a particularly long upper shadow, yesterday the euro bulls found the strength to return the EUR / USD pair to the upward trend and trading on January 5 ended at 1.2296. Let me remind you that this is right below the very difficult level of 1.2300, where the level of 1.2309 was a strong resistance (and continues to do so). However, at the time of this writing, the upside traders continue to increase their advantage over their opponents, and at this moment the pair is trying to break through the strong resistance of the sellers at 1.2309, trading near 1.2330. The scandal in Georgia, where is still incumbent President Donald Trump demanded to review the results of the presidential elections and return him about 12 thousand votes. Trump understands perfectly well that he has hopelessly lost the presidential election, however, with his characteristic stubbornness and assertiveness, he will try not to change something, in fact, it is already impossible, but to show how his victory was stolen from him in a fight with Democrat Joe Biden for presidential chair. Also, the weakening of the American currency was influenced by the decision of the Chinese authorities to abandon the pegging of their national currency to the US dollar. Another negative moment for the dollar was yesterday’s rise in the stock market, which reduced the attractiveness of the “American” as a defensive asset. The most important fundamental events are scheduled for the last day of weekly trading. Let me remind you that this Friday there will be data on the US labor market, where investors will focus on the unemployment rate, the number of new jobs created in the nonfarm sectors of the US economy, as well as the growth of average hourly wages. If we briefly touch on the already sore and annoying topic of COVID-19, the Chinese prevent the inspectors of the World Health Organization (WHO) from studying the causes of the appearance of coronavirus on their territory, and in Europe they do not recommend using different vaccines, or rather, mixing them. and trading recommendations, it’s worth noting that so far everything is going according to plan. Trading ideas, where the main purchases of the euro / dollar were, find their confirmation during the trading. In the event that today’s session closes above 1.2309, and so far everything is going, one can count on the subsequent strengthening of the main currency pair of the Forex market. If the eurobulls fail to break through the 1.2309 mark again and a bearish candlestick pattern with a long upper shadow and a closing price below 1.2300 appears on the daily chart, the current breakdown will be considered false and only after that we will seriously consider selling the single European currency. how hard it is for bulls to get past the 1.2309 level. After an attempt to do this in the Asian session, a rollback to 1.2275 occurred and there was an opportunity to buy the pair at a lower price, since after that it again turned in the north direction and breaks through the currently hated 1.2309 level. In my personal opinion, there is little doubt that the selling resistance at 1.2309 will be broken. If we consider trading options within the day, I recommend buying the pair after fixing at least three hourly candles in a row above 1.2309, on a rollback to this level. That’s all for now. Successful trades! Material provided by InstaForex – www.instaforex.com Source – InstaForex

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