EUR/USD may continue moving downward from 1.0707 (closing of the last weekly candle) to the historical resistance level of 1.0656 (blue dashed line). Upon reaching this price, the pair will turn around and climb up to the 23.6% retracement level at 1.0743 (red dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – downward
Fibonacci levels – downward
Volumes – downward
Candlestick analysis – upward
Trend analysis – downward
Bollinger bands – downward
Monthly chart – upward
Conclusion: All indicators point to a downward movement in EUR/USD.
Overall conclusion: Most likely, the pair will have a bearish trend, with no first upper shadow on the weekly black candle (Monday – downward) and a second lower shadow (Friday – upward).
So during the week, euro will fall from 1.0707 (closing of the last weekly candle) to the historical resistance level of 1.0656 (blue dashed line), and then bounce up to the 23.6% retracement level at 1.0743 (red dashed line).
Alternatively, the quote may go down from 1.0707 (closing of the last weekly candle) to the lower fractal at 1.0635 (red dashed line), and then turn around and rise to the 23.6% retracement level at 1.0743 (red dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may continue moving downward from 1.0707 (closing of the last weekly candle) to the historical resistance level of 1.0656 (blue dashed line). Upon reaching this price, the pair will turn around and climb up to the 23.6% retracement level at 1.0743 (red dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – downward
Fibonacci levels – downward
Volumes – downward
Candlestick analysis – upward
Trend analysis – downward
Bollinger bands – downward
Monthly chart – upward
Conclusion: All indicators point to a downward movement in EUR/USD.
Overall conclusion: Most likely, the pair will have a bearish trend, with no first upper shadow on the weekly black candle (Monday – downward) and a second lower shadow (Friday – upward).
So during the week, euro will fall from 1.0707 (closing of the last weekly candle) to the historical resistance level of 1.0656 (blue dashed line), and then bounce up to the 23.6% retracement level at 1.0743 (red dashed line).
Alternatively, the quote may go down from 1.0707 (closing of the last weekly candle) to the lower fractal at 1.0635 (red dashed line), and then turn around and rise to the 23.6% retracement level at 1.0743 (red dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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