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Technical analysis

15.04.202408:55 Forex Analysis & Reviews: Technical analysis of EUR/USD for April 15-20, 2024

Trend analysis

EUR/USD may start a corrective upward movement this week, rising from 1.0640 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0706 (red dashed line). Upon reaching this level, the pair will move downwards toward the 23.6% retracement level of 1.0674 (red dashed line).

Exchange Rates 15.04.2024 analysis

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - downward

Bollinger bands - upward

Monthly chart - downward

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 rise from 1.0640 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0706 (red dashed line), and then decline to the 23.6% retracement level of 1.0674 (red dashed line).

Alternatively, it could increase from 1.0640 (closing price of the last weekly candle) to the 23.6% retracement level of 1.0706 (red dashed line), followed by another rise to the 38.2% retracement level of 1.0801 (yellow dashed line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Stefan Doll,
Analytical expert of InstaSpot
© 2007-2025
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