FX.co ★ Technical analysis for EUR/USD pair for the week of February 8-13, 2021

Trend analysis

The price from the level of 1.2044 (closing of the last weekly candle) may start rising this week to the level of 1.2100 (blue dotted line) – a pullback level of 76.4%. Once this level is reached, the upward movement can possibly continue to the target of 1.2274 (blue dotted line) – 85.4% pullback level. The next upper target is set at 1.2349 (red dotted line) – an upper fractal.

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - up
• Monthly chart - up

An upward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in the upward trend this week, with both the lower shadow (Monday - down) and an upper shadow (Friday - down) in the weekly white candlestick.

The first upper target is 1.2100 (blue dotted line) – a pullback level of 76.4%. After reaching this level, the price will likely continue rising towards the target of 1.2274 (blue dotted line) – 85.4% pullback level. The bullish trend will further resume until the next upper target, which is set at 1.2349 (red dotted line) – an upper fractal.

Alternatively, the price can decline from the level of 1.2044 (closing of the last weekly candle), with the target set at 1.2014 (blue bold line) – the support line. Upon reaching this level, the downward movement will continue to the next target at 1.1943 (red dotted line) – 23.6% pullback level.