EUR/USD may continue to move upward this week, starting from the level of 1.0550 (today’s opening of the weekly candle) to the historical support level of 1.0653 (blue dashed line). After reaching this price, the pair will climb further towards the 23.6% retracement level of 1.0673 (red dashed 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 first lower shadow on the weekly white candle (Monday – upward) and no second upper shadow (Friday – upward).
So during the week, euro will rise from 1.0550 (today’s opening of the weekly candle) to the historical support level of 1.0653 (blue dashed line), and then go further to the 23.6% retracement level of 1.0673 (red dashed line).
Alternatively, the pair could move from 1.0550 (today’s opening of the weekly candle) to the historical support level of 1.0653 (blue dashed line), followed by a decline to the support line at 1.0641 (thick red line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may continue to move upward this week, starting from the level of 1.0550 (today’s opening of the weekly candle) to the historical support level of 1.0653 (blue dashed line). After reaching this price, the pair will climb further towards the 23.6% retracement level of 1.0673 (red dashed 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 first lower shadow on the weekly white candle (Monday – upward) and no second upper shadow (Friday – upward).
So during the week, euro will rise from 1.0550 (today’s opening of the weekly candle) to the historical support level of 1.0653 (blue dashed line), and then go further to the 23.6% retracement level of 1.0673 (red dashed line).
Alternatively, the pair could move from 1.0550 (today’s opening of the weekly candle) to the historical support level of 1.0653 (blue dashed line), followed by a decline to the support line at 1.0641 (thick red line).
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: