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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).
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.
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