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Trend analysis
EUR/USD may start moving upward this week, rising from 1.0793 (closing price of the last weekly candle) to the 38.2% retracement level of 1.0864 (red dashed line). Upon testing this level, the pair will move further up towards the 50% retracement level of 1.0916 (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 - 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 no first lower shadow on the weekly white candle (Monday - upward) and a second upper shadow (Friday - downward).
Therefore, during the week, euro will climb from 1.0793 (closing price of the last weekly candle) to the 38.2% retracement level of 1.0864 (red dashed line), followed by a further rise to the 50% retracement level of 1.0916 (red dashed line).
Alternatively, it could decline from 1.0793 (closing price of the last weekly candle) to the 14.6% retracement level of 1.0759 (red dashed line), and then rise to the 50% retracement level of 1.0916 (red dashed line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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