Trend Analysis (Fig. 1).
This week, the market, from the level of 1.1512 (the close of the last weekly candle), may begin moving upward toward 1.1663 — the 14.6% retracement level (red dashed line). When testing this level, the price may retrace downward toward 1.1592 — the 38.2% retracement level (blue 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.
Overall forecast for the weekly EUR/USD candle: the price this week will most likely show an upward trend, with the weekly white candle lacking a lower shadow (Monday — upward) and having an upper shadow (Friday — downward).
Alternative scenario: From the level of 1.1512 (the close of the last weekly candle), the pair may begin moving upward toward 1.1592 — the 38.2% retracement level (blue dashed line). When testing this level, the price may retrace downward toward 1.1562 — the 21-period EMA (thin black line).
