EUR/USD may begin moving upwards this week, starting from the level of 1.0593 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0673 (red dashed line). Upon reaching this price, the pair will continue rising to the 21 EMA located at 1.0733 (black thin line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – upward
Fibonacci levels – upward
Volumes – upward
Candlestick analysis – upward
Trend analysis – upward
Bollinger bands – downward
Monthly chart – upward
Conclusion: The indicators point to an upward movement in EUR/USD.
Overall conclusion: The pair will have a bullish trend, with no lower shadow on the weekly white candle (Monday – upward) and no upper shadow (Friday – upward).
Therefore, during the week, euro will rise from 1.0593 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0673 (red dashed line), and then move to the 21 EMA located at 1.0733 (black thin line).
Alternatively, it could move upwards from 1.0593 (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 1.0788 (red dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may begin moving upwards this week, starting from the level of 1.0593 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0673 (red dashed line). Upon reaching this price, the pair will continue rising to the 21 EMA located at 1.0733 (black thin line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – upward
Fibonacci levels – upward
Volumes – upward
Candlestick analysis – upward
Trend analysis – upward
Bollinger bands – downward
Monthly chart – upward
Conclusion: The indicators point to an upward movement in EUR/USD.
Overall conclusion: The pair will have a bullish trend, with no lower shadow on the weekly white candle (Monday – upward) and no upper shadow (Friday – upward).
Therefore, during the week, euro will rise from 1.0593 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0673 (red dashed line), and then move to the 21 EMA located at 1.0733 (black thin line).
Alternatively, it could move upwards from 1.0593 (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 1.0788 (red dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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