Trend Analysis (Figure 1)
This week, the market may start moving downward from the 1.1742 level (the close of the last weekly candle) with a target at 1.1536 – the 38.2% retracement level (blue dashed line). Upon testing this level, the price may begin an upward movement targeting 1.1571 – the upper fractal (red dashed line).
Figure 1 (Weekly Chart)
Comprehensive Analysis:
- Indicator analysis – downward
- Fibonacci levels – downward
- Volume – downward
- Candlestick analysis – downward
- Trend analysis – downward
- Bollinger Bands – downward
- Monthly chart – downward
Conclusion from the Comprehensive Analysis: downward movement.
Overall Summary for the EUR/USD Weekly Candle:
The price is most likely to show a downward trend throughout the week, with the weekly black candle lacking an upper shadow (Monday – down), and forming a lower shadow (Friday – up).
Alternative Scenario:
The pair may begin moving downward from the 1.1742 level (close of the last weekly candle) toward the target of 1.1498 – the 85.4% retracement level (red dashed line). Upon testing this level, the price may start an upward movement targeting 1.1571 – the upper fractal (red dashed line).
