Trend Analysis (Fig. 1).
This week, from the level of 1.1685 (close of the last weekly candle), the market may start moving downward with the target at 1.1536 – retracement level 38.2% (blue dotted line). Upon testing this level, the price may turn upward with the target at 1.1571 – upper fractal (red dotted line).
Fig. 1 (weekly chart).
Comprehensive Analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – down;
- Bollinger Bands – down;
- Monthly chart – down.
Conclusion from comprehensive analysis: downward movement.
Overall weekly outlook for the EUR/USD candle on the weekly chart: the price will most likely show a downward trend during the week, with the first upper shadow on the weekly black candle (Monday – upward) and the second lower shadow (Friday – upward).
Alternative scenario: from the level of 1.1685 (close of the last weekly candle), the pair may start moving downward with the target at 1.1447 – retracement level 50% (blue dotted line). Upon testing this level, the price may then turn upward with the target at 1.1498 – retracement level 85.6% (red dotted line).
