Trend analysis (Figure 1).
The price went down once again after testing the resistance line. The most interesting question for the upcoming week is whether the market will break through the resistance line of 1.2410 (red line) or support line of 1.2244 (white line). A more complex analysis will more accurately show where will the price go next.
Fig. 2 (weekly chart).
Complex analysis:
- indicator analysis - down;
- Fibonacci levels - down (blue dotted line);
- volumes - upwards;
- candle analysis - neutral;
- trend analysis - up;
- Bollinger lines - up;
- monthly chart - down.
Conclusion on complex analysis - down.
According to the weekly chart, the total result in calculating the candle of the EUR/USD pair 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 lower target is the support line of 1.2244 (white solid line).
