Trend analysis:
In February, EUR/USD will fall from the level of 1.0817 (closing of the January monthly candle) to the support line at 1.0724 (thick white line). Following this will be a rise towards the 14.6% retracement level of 1.1020 (yellow dashed line).
Fig. 1 (monthly chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Conclusion: All signals point to an upward movement in EUR/USD.
Overall conclusion: The pair will have a bullish trend, with a first lower shadow on the monthly white candle (first week of the month - black) and no second upper shadow (last week - white).
Therefore, this month, quotes will first drop from 1.0817 (closing of the January monthly candle) to the support line at 1.0724 (thick white line), followed by an increase towards the 14.6% retracement level of 1.1020 (yellow dashed line).
Alternatively, euro could decline from 1.0817 (closing of the January monthly candle) to the 23.6% retracement level of 1.0642 (red dashed line), and then rise to the 14.6% retracement level of 1.1020 (yellow dashed line).
