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Trend-following analysis (picture 1)
This week, from the level of 1.0761 (the closing level of the last weekly candle), the instrument may begin a pullback movement downwards with a target of 1.0746, the Fibonacci level of 38.2% plotted by the red dotted line. When testing this level, the price may continue to move up with a target of 1.0835, the retracement level of 61.8% plotted by the red dotted line.
Picture 1: one-week chart
Complex analysis
Indicator analysis – up
Fibonacci levels – up
Trading volume – up
Candlestick analysis – down
Trend-following analysis – up
Bollinger bands – down
One-month chart – up
The conclusion from the complex analysis is an upward movement.
The result of evaluating the candlestick of the EUR/USD pair on the one-week chart: the price will most likely follow an upward trend during the week. This scenario is realistic due to the presence of the first lower shadow of the weekly white candle (Monday - down) and the absence of the second upper shadow (Friday - up).
This week, from 1.0761 (the close of the last weekly candle), EUR/USD may begin to move downward with a target of 1.0746, the retracement level of 38.2% plotted by the red dotted line. When testing this level, the price may continue to move up with a target of 1.0835, the retracement level of 61.8% plotted by the red dotted line.
An alternative scenario: from the level of 1.0761 (the closing level of the last weekly candle), the instrument can begin a pullback movement downwards with a target of 1.0712, the pullback level of 61.8% plotted by the yellow dotted line. When testing this level, the price may continue to move up with a target of 1.0835, the Fibonacci retracement level of 61.8% plotted by the red dotted line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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