Trend analysis (Fig. 1)
EUR/USD, moving upwards from the level of 1.1604 (closing price of yesterday's daily candle), will test the 161.8% retracement level of 1.1121 (blue dashed line) on Tuesday, and then drop towards the 38.2% retracement level of 1.1006 (red dashed line). The bullish trend may resume upon testing this level.
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Weekly chart - uptrend
Conclusion: EUR/USD will rise from the level of 1.1604 (closing price of yesterday's daily candle) to the 161.8% retracement level of 1.1121 (blue dashed line), followed by a decline towards the 38.2% retracement level of 1.1006 (red dashed line). The bullish trend may resume after testing this level.
Alternatively, the pair could go up from the level of 1.1604 (closing price of yesterday's daily candle) to the 38.2% retracement level of 1.1106 (red dashed line), and then start a downward movement.
