Trend analysis (Figure 1).
The price is moving downwards, closed below the recession level of 23.6% at 1.2057 on large volumes. This indicates the possibility of continuing the downward movement. The complex analysis will accurately determine the further direction of the price.
Fig. 2 (weekly chart).
Complex analysis:
- indicator analysis - down;
- Fibonacci levels - down (blue dotted line);
- volumes - down;
- candlestick analysis - up;
- trend analysis - down;
- Bollinger lines - down;
- monthly graph - up.
Conclusion on complex analysis - up.
The overall result of the calculation of the EUR/USD currency pair on a weekly chart shows the weekly price would likely move in an upward trend with the presence of the first lower shadow of the weekly white candle and the presence of a second upper shadow.
The initial top target is 1.2064 - the rolling level is 23.6%.
