EURUSD December 3rd
The monthly chart for EUR/USD indicates a notably bullish trend in November, with the candle engulfing the previous two months. However, the current December candle shows signs of weakness, although the RSI remains flat above the midline at 52.62, and the MACD continues to print green bars. Moving to the weekly chart, last week witnessed the opening of price with a new high, followed by a drop below the previous week's low before rallying back up. The RSI on the weekly chart is converging with the price turning down but still holding above its midline at 58.27, while the MACD prints larger green bars and starts crossing its midline.
Zooming in further to the daily chart, the price retraced down to the bottom of the zone that started on November 17th, rebounding after rejecting off the 20 EMA. Thursday saw a substantial downward displacement, engulfing a week's worth of candles. Despite this, the RSI is flat, maintaining a position above the midline at 54.3, and the MACD printed the smallest green bar. To consider a bearish shift, a close below the swing low from November 22nd at 1.08524 is necessary. Notably, the 50 EMA has crossed above the 200 EMA on the daily chart, signaling a bullish trend. Looking ahead, it's essential to remain vigilant, especially with the non-farm payroll data scheduled for release on Friday, which could significantly impact market dynamics. In summary, while acknowledging signs of weakness, the overall sentiment remains bullish for the EUR/USD pair, with attention drawn to the potential impact of upcoming economic data.
Zooming in further to the daily chart, the price retraced down to the bottom of the zone that started on November 17th, rebounding after rejecting off the 20 EMA. Thursday saw a substantial downward displacement, engulfing a week's worth of candles. Despite this, the RSI is flat, maintaining a position above the midline at 54.3, and the MACD printed the smallest green bar. To consider a bearish shift, a close below the swing low from November 22nd at 1.08524 is necessary. Notably, the 50 EMA has crossed above the 200 EMA on the daily chart, signaling a bullish trend. Looking ahead, it's essential to remain vigilant, especially with the non-farm payroll data scheduled for release on Friday, which could significantly impact market dynamics. In summary, while acknowledging signs of weakness, the overall sentiment remains bullish for the EUR/USD pair, with attention drawn to the potential impact of upcoming economic data.
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