FX.co ★ Technical analysis of EUR/USD pair for this week (Nov 2-7, 2020)

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.