Trend analysis (Fig. 1).
This week, the market may move upward from the level of 1.0747 (closing of the last weekly candle) with the target at 1.0810, the 38.2% pullback level (red dotted line). Upon reaching this level, the upward movement may continue with the target of 1.0865, the 50.0% pullback level (red dotted line).
Fig. 1 (weekly chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger bands - down;
- Monthly chart - up.
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 with a second upper shadow (Friday - down).
This week, the price may move upward from the level of 1.0747 (closing of the last weekly candle) with the target at 1.0810, the 38.2% pullback level (red dotted line). Upon reaching this level, the upward movement may continue with the target of 1.0865, the 50.0% pullback level (red dotted line).
Alternatively, the price may move upward from the level of 1.0747 (closing of the last weekly candle) with the target at 1.0810, the 38.2% pullback level (red dotted line). Upon reaching this level, a downward movement is possible with the target of 1.0790, the 13-day EMA (thin yellow line).
