Trend analysis
The price from the level of 1.1647 (closing of the last weekly candle) may continue to decline this week, with the first goal at 1.1612 - the lower fractal (white bold line). After testing this level, we can trade upwards with the goal of 1.1669 – a pullback level of 14.6% (blue dotted line). If this level is reached, further rise can be expected.
Figure 1: Weekly chart
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - down;
- trend analysis - up;
- Bollinger lines - up;
- monthly chart - up.
An increase in the pair can be concluded based on the comprehensive analysis.
The overall result of calculating the EUR/USD currency pair candle on a weekly chart: the price is likely to have an upward trend this week with the lower shadow of the weekly white candle (Monday - down) and the upper shadow (Friday - down).
The first downward goal is at 1.1612 - the lower fractal (white bold line). After testing this level, we can trade upwards with the goal of 1.1669 – a pullback level of 14.6% (blue dotted line). Upon reaching this level, further rise can be expected.
An unlikely scenario: a decline from the level of 1.1647 (closing of the last weekly candle), with a goal at 1.1612 - a lower fractal (white bold line) and moving further below towards the goal of 1.1578 - the historical support level (blue dotted line) is unlikely.