FX.co ★ Technical analysis on the EUR/USD pair for this week (October 19-24, 2020)

Trend analysis

The price from the level of 1.1716 (closing of the last weekly candle) may continue to pullback downward this week with the goal of 1.1669 - the pullback level of 74.6% (red dashed line). From this level, we can continue to decline with the goal of 1.1612 - the lower fractal (red dotted line). After testing this level, the price may begin to move upwards.

Figure: 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - down;

- Bollinger lines - up;

- monthly chart - up.

A downward movement can be concluded based on the comprehensive analysis.

The overall result of the calculation of the candlestick of the EUR/USD pair on the weekly chart: this week, the price is likely to have a downward trend without the upper shadow in the weekly black candlestick (Monday - down) and with the lower shadow (Friday - up).

The first lower target of 1.1669 is a pullback level of 74.6% (red dotted line). When testing this level, we can further decline towards the goal of 1.1612 - the lower fractal (red dotted line).

An unlikely scenario: a decline from the level of 1.1716 (closing of the last weekly candle) with the goal of 1.1669 - a pullback level of 74.6% (red dotted line) is unlikely.