Trend Analysis (Fig. 1).
This week, from the 1.1741 level (the close of the last weekly candle), the market may start moving downward toward the target of 1.1572 – the upper fractal (red dotted line). Upon testing this level, the price may rebound upward toward the target of 1.1649 – the 23.6% retracement level (blue 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.
General outcome for the EUR/USD weekly candle calculation: The price this week will most likely show a downward trend, with no first upper shadow on the weekly black candle (Monday – down) and the presence of a lower shadow (Friday – up).
Alternative scenario: From the 1.1741 level (close of the last weekly candle), the pair may begin a downward move toward the 1.1488 historical resistance level (blue dotted line). Upon testing this level, the price may begin an upward move toward 1.1536 – the 38.2% retracement level (blue dotted line).
