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