Technical analysis of EUR/USD for May 29 to June 3, 2023
May 29, 2023 8:23 am
Trend analysis
EUR/USD may start moving up from 1.0724 (closing of the last weekly candle) to 1.0883, which is a historical resistance level (blue dashed line). Upon reaching this price, the pair will bounce further to 1.0957, which is a 23.6% retracement level (blue dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – upward
Fibonacci levels – upward
Volumes – upward
Candlestick analysis – upward
Trend analysis – downward
Bollinger bands – downward
Monthly chart – upward
All this points to an upward movement in EUR/USD.
Conclusion: Most likely, 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 1.0724 (closing of the last weekly candle) to the historical resistance level at 1.0883 (blue dashed line), and then proceed to the 23.6% retracement level at 1.0957 (blue dashed line).
Alternatively, the quote may go upward from 1.0724 (closing of the last weekly candle) to the 50.0% retracement level at 1.0805 (blue dashed line), and then turn around and fall down to the historical resistance level at 1.0656 (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may start moving up from 1.0724 (closing of the last weekly candle) to 1.0883, which is a historical resistance level (blue dashed line). Upon reaching this price, the pair will bounce further to 1.0957, which is a 23.6% retracement level (blue dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – upward
Fibonacci levels – upward
Volumes – upward
Candlestick analysis – upward
Trend analysis – downward
Bollinger bands – downward
Monthly chart – upward
All this points to an upward movement in EUR/USD.
Conclusion: Most likely, 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 1.0724 (closing of the last weekly candle) to the historical resistance level at 1.0883 (blue dashed line), and then proceed to the 23.6% retracement level at 1.0957 (blue dashed line).
Alternatively, the quote may go upward from 1.0724 (closing of the last weekly candle) to the 50.0% retracement level at 1.0805 (blue dashed line), and then turn around and fall down to the historical resistance level at 1.0656 (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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