On the monthly chart, the price movement is limited by the "higher" resistance line 1.2447 (red line) and the "lower" support line 1.2142 (white line) from above. According to experts, the price can go up and reach the resistance line then it would only begin moving down.
Trend analysis (Figure 1)
After touching the support line of 1.2217, the price continued to move up. The most interesting question of the upcoming week is whether the market will reach the resistance line of 1.2447 (the red line). The first upper target is the resistance line of 1.2447(red solid line). A more complex analysis will show more accurately determine where the price will go next.
Fig. 2 (weekly chart).
Complex analysis:
- indicator analysis - down;
- Fibonacci levels - up (blue dotted line);
- volumes - upwards;
- candle analysis - neutral;
- trend analysis - up;
- Bollinger lines - up;
- monthly chart - down.
Conclusion on complex analysis - down.
The total result in calculating the candle of the EUR / USD currency pair on the weekly chart, the price of the week is likely to have a downward trend with the presence of the first upper shadow of the weekly black candle and the absence of the second lower shadow.
The first upper target resistance line is at 1.2447 (red solid line).
