Trend Analysis (Fig. 1).
This week, from the level of 1.1641 (the close of the latest weekly candle), the market may continue moving upward toward 1.1792 – the 14.6% retracement level (blue dashed line). When testing this level, the price may pull back downward toward 1.1716 – the 23.6% retracement level (blue dashed line).
Fig. 1 (weekly chart).
Comprehensive Analysis:
- Indicator analysis – up
- Fibonacci levels – up
- Volumes – up
- Candlestick analysis – up
- Trend analysis – up
- Bollinger Bands – up
- Monthly chart – up
Conclusion of comprehensive analysis: upward trend.
Overall weekly forecast for the EUR/USD candle:
The price will most likely show an upward trend during the week, with the weekly white candle lacking a lower shadow (Monday – upward movement) and having an upper shadow (Friday – downward movement).
Alternative scenario:From the level of 1.1641 (the close of the latest weekly candle), the pair may continue moving upward toward 1.1716 – the 23.6% retracement level (blue dashed line). When testing this level, the price may pull back downward toward 1.1663 – the 14.6% retracement level (red dashed line).
