Trend Analysis (Fig. 1)
This week, from the level of 1.1620 (the close of the latest weekly candle), the market may continue moving upward toward 1.1716 – the 23.6% retracement level (blue dashed line). Upon testing this level, the price may pull back downward toward 1.1663 – the 14.6% retracement level (red dashed line).
Fig. 1 (weekly chart).
Comprehensive Analysis:
- indicator analysis – upward
- Fibonacci levels – upward
- volumes – upward
- candlestick analysis – upward
- trend analysis – upward
- Bollinger Bands – upward
- monthly chart – upward
Conclusion from the comprehensive analysis: upward trend.
Final Summary of the Weekly Candle Projection for EUR/USD:
During the week, the price will most likely show an upward trend, with no lower shadow on the weekly white candle (Monday – upward), and the presence of an upper shadow (Friday – downward).
Alternative Scenario:
From the level of 1.1620 (the close of the latest weekly candle), the pair may begin moving upward toward 1.1793 – the 14.6% retracement level (blue dashed line). Upon testing this level, the price may pull back downward toward 1.1716 – the 23.6% retracement level (blue dashed line).
