Trend analysis (picture 1)
From the closing price on Friday at 1.0545 that is also the closing price of the daily candlestick, EUR/USD could continue its move downwards on Monday with the target at 1.0471, the lower fractal plotted by the red dotted line. Once this level is tested, the price could move upwards withthe target at 1.0575, the 14.6% retracement level dotted by the red dotted line. After this level is reached, the pair will keep on moving with the target at 1.0639, the 23.6% retracement level plotted by the red dotted line.
Picture 1: daily chat
Complex analysis:Indicator analysis – downFibonacci level – downTrade volume – downTrend-following analysis – upBollinger bands – downWeekly chart – down
Conclusion
From the closing price on Friday at 1.0545 that is also the closing price of the daily candlestick, EUR/USD could continue its move downwards on Monday with the target at 1.0471, the lower fractal plotted by the red dotted line. Once this level is tested, the price could move upwards with the target at 1.0575, the 14.6% retracement level dotted by the red dotted line. After this level is reached, the pair will keep on moving with the target at 1.0639, the 23.6% retracement level plotted by the red dotted line.
Alternative scenario. From the closing price of the daily candlestick at 1.0545, the price could keep on with its downward move aiming at 1.0365. The target level is the 161.8% Fibonacci level plotted by blue dotted line. After this level is tested, EUR/USD will move higher with the target at 1.0757, the 14.6% retracement level plotted by the red dotted line.
