Going into the last week of 2022, price movements remained flat with most banks closed and investors preferring to stay out of the market.
Thus, this flat price movement was expected by analysts but did not rule out any surprises with the low market liquidity factor.
The US dollar traded slightly higher in the latest session but overall still moves gloomy with a lack of factors that can move the market at the end of the year.
If you look at the price movement on the chart of the EUR/USD currency pair, there is not much change with the horizontal pattern displayed in the last week.
The price is still hovering above the 1.06000 support zone since last week until the end of this week, occasionally testing the zone when the price drops.
The movement around the Moving Average 50 (MA50) level on the 1-hour time frame on the chart also shows the difficulty for the price to determine further direction.
However, for the expectation of an increase if it happens, the price will go to the resistance zone of 1.07000 to retest the level that was reached in the middle of last December.
If the price finally succeeds in crossing the zone, the latest 6-month high level will be recorded with a higher target to reach 1.08000.
On the other hand, if the price starts to make a decline past the support level of 1.06000, investors will evaluate it as an early sign for the price to start a bearish trend movement.
A further drop in price is expected to go down to around 1.05000 for the focus zone to be tested again.
In the absence of a catalyst for price movement, analysts remain optimistic that the flat pattern will end this 2022 trade close, but do not rule out any possible surprises.
