EUR/USD may start moving upward this week, starting from the level of 1.0871 (closing of the last weekly candle) to the 50% retracement level of 1.0945 (blue dotted line). Upon reaching this price, the pair will move towards the historical resistance level of 1.1093 (blue dotted 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 a second upper shadow (Friday – downward).
So during the week, euro will climb from 1.0871 (closing of the last weekly candle) to the 50% retracement level of 1.0945 (blue dotted line), followed by a rise towards the historical resistance level of 1.1093 (blue dotted line).
Alternatively, the quote may fall from 1.0871 (closing of the last weekly candle) to the 23.6% retracement level of 1.0864 (red dotted line), followed by a rise towards the historical resistance level of 1.1093 (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may start moving upward this week, starting from the level of 1.0871 (closing of the last weekly candle) to the 50% retracement level of 1.0945 (blue dotted line). Upon reaching this price, the pair will move towards the historical resistance level of 1.1093 (blue dotted 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 a second upper shadow (Friday – downward).
So during the week, euro will climb from 1.0871 (closing of the last weekly candle) to the 50% retracement level of 1.0945 (blue dotted line), followed by a rise towards the historical resistance level of 1.1093 (blue dotted line).
Alternatively, the quote may fall from 1.0871 (closing of the last weekly candle) to the 23.6% retracement level of 1.0864 (red dotted line), followed by a rise towards the historical resistance level of 1.1093 (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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