FX.co ★ Technical analysis of the EUR/USD pair for the week (August 17 to 22)

Trend analysis.

This week, the price, from the level of 1.1841 (closing of the last weekly candle), may continue to increase, with the target at 1.1915 - the upper fractal (red dotted line). Upon reaching this line, it is possible to continue working upwards with the target of 1.2101 - the pullback level of 76.4% (blue dotted line).

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.

Based on a comprehensive analysis, an upward movement can be concluded.

The general result of the calculation of the candlestick of the EUR/USD currency pair according to the weekly chart: the price for weeks is more likely to have an upward trend, with the absence of a lower shadow in the weekly white candlestick (Monday - up) and the absence of a second upper shadow (Friday - up).

The first upper target at 1.1915 is an upper fractal (red dashed line). Upon reaching this line, it is possible to continue working upwards with the target of 1.2101 - the pullback level of 76.4% (blue dotted line).

An alternative scenario: when moving up and reaching the level of 1.1864 - an upper fractal, the price may start working downward, with the target at 1.1729 - a pullback level of 14.6% (red dashed line).