Trend analysis
EUR/USD will increase this August, starting from 1.0052 (closing of the August monthly candle) to 1.0160, which is the historical resistance level (blue dotted line). Then, it will go to the 14.6% retracement level at 1.0255 (red dotted line) and the historical resistance level at 1.0373 (blue dotted line), before turning down again.
Fig. 1 (monthly chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
All this points to an upward movement in EUR/USD.
Conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (the first week of the month is white) and a second upper shadow (the last week is black).Throughout the month, quotes will climb from 1.0052 (closing of the August monthly candle) to the historical resistance level at 1.0160 (blue dotted line), go to the 14.6% retracement level at 1.0255 (red dotted line) and the historical resistance level at 1.0373 (blue dotted line), then turn down again.
Alternatively, the pair could decline from 1.0052 (closing of the August monthly candle) to the lower fractal at 0.9900 (red dotted line), then bounce up to the 14.6% retracement level at 1.0255 (red dotted line).
