EUR/USD may start moving upwards, starting from the level of 1.0775 (closing of the last weekly candle) to the 23.6% retracement level of 1.0886 (red dashed line). After reaching this price, the pair will move towards the 38.2% retracement level of 1.0960 (red 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
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 a second lower shadow (Friday – downward).
So during the week, euro will climb from 1.0775 (closing of the last weekly candle) to the 23.6% retracement level of 1.0886 (red dashed line), and then rise to the 38.2% retracement level of 1.0960 (red dashed line).
Alternatively, it could continue moving downwards from 1.0794 (closing of the last weekly candle) to the historical support level of 1.0653 (blue dashed line), followed by a rise to the lower fractal located at 1.0765 (red dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
EUR/USD may start moving upwards, starting from the level of 1.0775 (closing of the last weekly candle) to the 23.6% retracement level of 1.0886 (red dashed line). After reaching this price, the pair will move towards the 38.2% retracement level of 1.0960 (red 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
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 a second lower shadow (Friday – downward).
So during the week, euro will climb from 1.0775 (closing of the last weekly candle) to the 23.6% retracement level of 1.0886 (red dashed line), and then rise to the 38.2% retracement level of 1.0960 (red dashed line).
Alternatively, it could continue moving downwards from 1.0794 (closing of the last weekly candle) to the historical support level of 1.0653 (blue dashed line), followed by a rise to the lower fractal located at 1.0765 (red dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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