EUR/USD may move downwards this week, starting from the level of 1.0730 (closing price of the last weekly candle) to the historical resistance level of 1.0653 (blue dashed line). Upon reaching this price, the pair will turn around and go towards another historical resistance level of 1.0783 (blue 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: The indicators point to an upward movement in EUR/USD.
Overall conclusion: The pair will have a bullish trend, with a first lower shadow on the weekly white candle (Monday – downward) and no second upper shadow (Friday – upward).
Therefore, during the week, euro will decline from 1.0730 (closing price of the last weekly candle) to the historical resistance level of 1.0653 (blue dashed line), and then bounce up to another historical resistance level of 1.0783 (blue dashed line).
Alternatively, it could move downward from 1.0730 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0673 (red dashed line), followed by an increase to the 38.2% retracement level of 1.0787 (red dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may move downwards this week, starting from the level of 1.0730 (closing price of the last weekly candle) to the historical resistance level of 1.0653 (blue dashed line). Upon reaching this price, the pair will turn around and go towards another historical resistance level of 1.0783 (blue 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: The indicators point to an upward movement in EUR/USD.
Overall conclusion: The pair will have a bullish trend, with a first lower shadow on the weekly white candle (Monday – downward) and no second upper shadow (Friday – upward).
Therefore, during the week, euro will decline from 1.0730 (closing price of the last weekly candle) to the historical resistance level of 1.0653 (blue dashed line), and then bounce up to another historical resistance level of 1.0783 (blue dashed line).
Alternatively, it could move downward from 1.0730 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0673 (red dashed line), followed by an increase to the 38.2% retracement level of 1.0787 (red dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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