trend analysis
EUR/USD quotes are likely to increase this week, starting from the level of 0.9738 (closing of the last weekly candle) to 0.9843, which is the 23.6% retracement level (yellow dotted line). Then, it will move to the 38.2% retracement level at 1.0023 (yellow dotted line) before going down again.
Fig. 1 (weekly chart)
comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - 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 weekly white candle (Monday - up) and no second upper shadow (Friday - up).
So during the week, euro will rise from 0.9738 (closing of the last weekly candle) to the 23.6% retracement level at 0.9843 (yellow dotted line), go to the 38.2% retracement level at 1.0023 (yellow dotted line), then fall down again.
alternatively, quotes could drop from 0.9738 (closing of the last weekly candle) to the 261.8% retracement level at 0.9641 (dashed blue line), then bounce up to the 23.6% retracement level at 0.9843 (yellow dotted line). The pair will continue to rise after testing this level.
