EUR/USD Forex Update: EURUSD By MR_gold2 — TradingView

First: technical analysis

• Price exits the descending channel with a clear upward breakout, which signals the beginning of an upward corrective wave.
• Price is currently facing a strong supply area between 1.1670 – 1.1750.
• Below this price, there is a good demand area at 1.1580 – 1.1550 and a stronger demand area at 1.1500 – 1.1470.
• Momentum indicators point to temporary weakness to the upside and we may see a correction before continuing higher.

📌Second: Elliott Wave Analysis

• The pair has completed a major bearish wave and appears to be within Wave A or 1 of a new uptrend.
• The current wave is bullish, targeting the 1.1700 – 1.1750 area before the B-wave correction.
• The wave scenario supports an initial rise, followed by a corrective decline, and then another sharp rise.

📌 Third: Time Period

• The bottom cycle formed at 1.1470, indicating bullish activity will continue until mid-December.
• There may be a time reversal in the supply zone between December 11 and 14.

📌Fourth: Numerical Analysis (Fibonacci)

The most important Fibonacci levels:

• 0.382 = 1.1590 (Main Support)
• 0.5 = 1.1650
• 0.618 = 1.1715 → Important resistance level
• If 1.1750 is breached, then 1.272 = 1.1820 extension target

📌Fifth: Fundamental Analysis

• The euro was supported by expectations of loose monetary policy in the United States.
• Economic data was mixed and the dollar weakened.
• Markets are awaiting US inflation data – CPI, which could lead to strong moves in the pair. The current largely neutral forecast favors gains for the euro.

📌Sixth: Price Action

• Strong bullish candle at the 1.1470 bottom.
• Rejection candle at 1.1670 → confirms strong resistance.
• We may see a retest of demand areas before moving higher.

📌Seventh: Support and Resistance

support:

1 1.1590
2 1.1550
3 1.1470 (strongest support)

Resistance:

1 1.1670
2 1.1715
3 1.1750 (strong supply area)

📌Eighth: Supply and demand areas

📍 Purchase area:

• 1.1590 – 1.1550
• 1.1500 – 1.1470 (main level)

📍Sales area:

• 1.1670 – 1.1715
• 1.1750 – 1.1800 (strongest quote)

📌Ninth: Harmonic Model

If the price moves back to 1.1550 and then rushes towards 1.1715 – 1.1750, a bullish Gartley pattern may form.

📌Tenth: Gaze Level

• Hold above 1.1670 = continue to rise
• Stay below 1.1580 = fall towards 1.1500
• Staying below 1.1470 = complete trend change

📌 Key Pivot Area

1.1590 – 1.1620

Above it → Uptrend
below it → correct downward

✅
Final advice (preparing trading signals)

✔️ Purchase scenario (best case scenario):

Buy: 1.1580 – 1.1550
Stop loss: 1.1490
Target 1: 1.1670
Target 2: 1.1715
Target 3: 1.1750

🔻 Another sell-off scenario (if supply zone is reached) and a strong reversal signal appears

Sell: from 1.1715 – 1.1750
Stop loss: 1.1815
Target 1: 1.1650
Target 2: 1.1590
Goal 3: