Technical analysis of EUR/USD for April 15-20, 2024
April 15, 2024 8:22 amVideo
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Trend analysis
EUR/USD may start a corrective upward movement this week, rising from 1.0640 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0706 (red dashed line). Upon reaching this level, the pair will move downwards toward the 23.6% retracement level of 1.0674 (red dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – upward
Fibonacci levels – upward
Volumes – upward
Candlestick analysis – upward
Trend analysis – downward
Bollinger bands – upward
Monthly chart – downward
Conclusion: The indicators point to an upward movement in EUR/USD.
Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday – upward) and a second upper shadow (Friday – downward).
Therefore, during the week, euro will rise from 1.0640 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0706 (red dashed line), and then decline to the 23.6% retracement level of 1.0674 (red dashed line).
Alternatively, it could increase from 1.0640 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0706 (red dashed line), followed by another rise to the 38.2% retracement level of 1.0801 (yellow dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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