EUR/USD may start moving up this week, starting from the level of 1.1019 (closing of the last weekly candle) to 1.1095, which is the upper fractal (blue dotted line). Upon reaching this price, the pair will continue its rise towards 1.1174, which is a historical resistance level (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
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 no second upper shadow (Friday – upward).
So during the week, euro will start climbing from 1.1019 (closing of the last weekly candle) to the upper fractal at 1.1095 (blue dotted line), and then head towards the historical resistance level at 1.1174 (blue dotted line).
Alternatively, the quote may go up from 1.1019 (closing of the last weekly candle) to the upper fractal at 1.1095 (blue dotted line), and then bounce down to the 23.6% retracement level at 1.0958 (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may start moving up this week, starting from the level of 1.1019 (closing of the last weekly candle) to 1.1095, which is the upper fractal (blue dotted line). Upon reaching this price, the pair will continue its rise towards 1.1174, which is a historical resistance level (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
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 no second upper shadow (Friday – upward).
So during the week, euro will start climbing from 1.1019 (closing of the last weekly candle) to the upper fractal at 1.1095 (blue dotted line), and then head towards the historical resistance level at 1.1174 (blue dotted line).
Alternatively, the quote may go up from 1.1019 (closing of the last weekly candle) to the upper fractal at 1.1095 (blue dotted line), and then bounce down to the 23.6% retracement level at 1.0958 (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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