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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:
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).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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