Euro/Dollar forecast for today: EURUSD analysis 05.12.2022

Last Friday, the euro price vs the dollar reached the upper Target Zone 1.0572 – 1.0540. Next, the price started a correction and tested support (A) 1.0439 – 1.0428.

Correction finished at support (A). As a result of the news release on the US dollar, the EURUSD price rose again. Today, the market is about to break out of the upper Target Zone. If the US session consolidates above the zone, the price will continue growing, and the target will be the Gold Zone 1.0715 – 1.0699.

One could enter new purchases in the uptrend on the correction to strong support levels according to the pattern. Strong support levels are support (A) 1.0478 – 1.0468 and support (B) 1.0425 – 1.0410.

EURUSD trading ideas for today:

  1. Buy according to the pattern at support (А) 1.0478 – 1.0468.
    TakeProfit: 1.0585.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern at support (В) 1.0425 – 1.0410.
    TakeProfit: 1.0585.
    StopLoss: according to the pattern rules.

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