Technical analysis of EUR/USD for April 8-13, 2024
April 8, 2024 9:22 am
Trend analysis
EUR/USD may continue moving upward this week, rising from 1.0836 (closing price of the last weekly candle) to the 50% retracement level of 1.0917 (red dashed line). Upon testing this level, the pair will climb further towards the 61.8% retracement level of 1.0969 (red dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – upward
Fibonacci levels – upward
Volumes – upward
Candlestick analysis – upward
Trend analysis – upward
Bollinger bands – upward
Monthly chart – upward
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 no second upper shadow (Friday – upward).
Therefore, during the week, euro will rise from 1.0836 (closing price of the last weekly candle) to the 50% retracement level of 1.0917 (red dashed line), and then approach the 61.8% retracement level of 1.0969 (red dashed line).
Alternatively, it could increase from 1.0836 (closing price of the last weekly candle) to the 50% retracement level of 1.0917 (red dashed line), followed by a pull back to the 38.2% retracement level of 1.0875 (yellow dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may continue moving upward this week, rising from 1.0836 (closing price of the last weekly candle) to the 50% retracement level of 1.0917 (red dashed line). Upon testing this level, the pair will climb further towards the 61.8% retracement level of 1.0969 (red dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – upward
Fibonacci levels – upward
Volumes – upward
Candlestick analysis – upward
Trend analysis – upward
Bollinger bands – upward
Monthly chart – upward
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 no second upper shadow (Friday – upward).
Therefore, during the week, euro will rise from 1.0836 (closing price of the last weekly candle) to the 50% retracement level of 1.0917 (red dashed line), and then approach the 61.8% retracement level of 1.0969 (red dashed line).
Alternatively, it could increase from 1.0836 (closing price of the last weekly candle) to the 50% retracement level of 1.0917 (red dashed line), followed by a pull back to the 38.2% retracement level of 1.0875 (yellow dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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