Trend analysis
EUR/USD may continue moving upward this week, rising from 1.0784 (closing price of the last weekly candle) to the 38.2% retracement level of 1.0875 (yellow dashed line). The pair may go back downward after testing this level.
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 a second upper shadow (Friday - downward).
Therefore, during the week, euro will climb from 1.0784 (closing price of the last weekly candle) to the 38.2% retracement level of 1.0875 (yellow dashed line), and then turn around and move downward.
Alternatively, it could rise from 1.0784 (closing price of the last weekly candle) to the 38.2% retracement level of 1.0875 (yellow dashed line), followed by a further increase to the 61.8% retracement level of 1.0959 (red dashed line).
