EURUSD Forex Analysis for Today, Wednesday (06-12-2023)
EURUSD Trading Analysis Today
This analysis employs Resistance and Support areas based on the historical range of movements on a 1-hour timeframe chart:
Resistance Area: 1.0821 – 1.0841
Support Area: 1.0740 – 1.0760
Red EMA Period: 20, Green EMA Period: 50
In the intraday chart image above, the price continues its bearish trend in line with dominating EMAs, serving as the fundamental basis for this pair’s analysis. The SR area serves as the primary daily trend validator.
Alright, from my perspective, based on the price movements we’ve analyzed above, there’s still a favorable trading opportunity today, percentage-wise, while observing how volume shapes each candle and reacts to the Resistance and Support Areas. However, we must not assume in technical analysis, so the best entry will be to continue monitoring the CLOSE CANDLE movement in this timeframe.
Resistance
- R1 1.0821
- R2 1.0841
Support
- S1 1.0740
- S2 1.0760
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