Technical analysis of EUR/USD for July 24-29, 2023
July 24, 2023 8:20 am
Trend analysis
EUR/USD may continue an upward movement this week, starting from the level of 1.1125 (closing of the last weekly candle) to the upper fractal located at 1.1275 (blue dashed line). Upon reaching this price, the pair will rise further to the 161.8% retracement level at 1.1482 (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: All 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).
So during the week, euro will rise from 1.1125 (closing of the last weekly candle) to the upper fractal located at 1.1275 (blue dashed line), and then move to the 161.8% retracement level at 1.1482 (red dashed line).
Alternatively, the quote may climb up from 1.1125 (closing of the last weekly candle) to the upper fractal located at 1.1275 (blue dashed line), followed by a downward correction to the 14.6% retracement level at 1.1162 (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may continue an upward movement this week, starting from the level of 1.1125 (closing of the last weekly candle) to the upper fractal located at 1.1275 (blue dashed line). Upon reaching this price, the pair will rise further to the 161.8% retracement level at 1.1482 (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: All 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).
So during the week, euro will rise from 1.1125 (closing of the last weekly candle) to the upper fractal located at 1.1275 (blue dashed line), and then move to the 161.8% retracement level at 1.1482 (red dashed line).
Alternatively, the quote may climb up from 1.1125 (closing of the last weekly candle) to the upper fractal located at 1.1275 (blue dashed line), followed by a downward correction to the 14.6% retracement level at 1.1162 (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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