EUR/USD may continue its downward movement this week, starting from the level of 1.0950 (closing of the last weekly candle) to the 21 EMA located at 1.0903 (thin black line). Upon reaching this price, the pair will shift upwards, rising towards the historical resistance level of 1.1093 (dotted blue line). The upward movement may continue after the test of this level.
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – downward
Fibonacci levels – downward
Volumes – downward
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 a first lower shadow on the weekly white candle (Monday – downward) and a second upper shadow (Friday – downward).
So during the week, euro will decline from 1.0950 (closing of the last weekly candle) to the 21 EMA at 1.0903 (thin black line), and then rise towards the historical resistance level of 1.1093 (dotted blue line). The upward movement may continue after the test of this level.
Alternatively, the quote may fall from 1.0950 (closing of the last weekly candle) to the 23.6% retracement level of 1.0864 (dotted red line), followed by a continued move upwards.
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may continue its downward movement this week, starting from the level of 1.0950 (closing of the last weekly candle) to the 21 EMA located at 1.0903 (thin black line). Upon reaching this price, the pair will shift upwards, rising towards the historical resistance level of 1.1093 (dotted blue line). The upward movement may continue after the test of this level.
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – downward
Fibonacci levels – downward
Volumes – downward
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 a first lower shadow on the weekly white candle (Monday – downward) and a second upper shadow (Friday – downward).
So during the week, euro will decline from 1.0950 (closing of the last weekly candle) to the 21 EMA at 1.0903 (thin black line), and then rise towards the historical resistance level of 1.1093 (dotted blue line). The upward movement may continue after the test of this level.
Alternatively, the quote may fall from 1.0950 (closing of the last weekly candle) to the 23.6% retracement level of 1.0864 (dotted red line), followed by a continued move upwards.
The material has been provided by InstaForex Company – www.instaforex.com
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