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FX.co ★ Technical analysis of EUR/USD for September 18-23

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Forex Analysis:::2023-09-18T07:24:33

Technical analysis of EUR/USD for September 18-23

Trend analysis

EUR/USD may move upward this week, starting from the level of 1.0656 (closing of the last weekly candle) to the 14.6% retracement level of 1.0725 (red dashed line). After reaching this price, the pair will climb towards the 23.6% retracement level of 1.0783 (red dashed line).

Technical analysis of EUR/USD for September 18-23

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - downward

Monthly chart - upward

Conclusion: The indicators point to an upward movement in EUR/USD.

Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and no second upper shadow (Friday - upward).

So during the week, euro will rise from 1.0656 (closing of the last weekly candle) to the 14.6% retracement level of 1.0725 (red dashed line), and then move to the 23.6% retracement level of 1.0783 (red dashed line).

Alternatively, it could continue moving downwards from 1.0656 (closing of the last weekly candle) to the support line at 1.0592 (thick red line), followed by a rise to the 14.6% retracement level of 1.0725 (red dashed line).

Analyst InstaForex
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