FX.co ★ Technical analysis of EUR/USD pair for the week of June 7-June 12, 2021

Trend analysis

The price from the level of 1.2165 (closing of the last weekly candlestick) may continue its growth to test the level of 1.2254 – the pullback level of 85.4% (blue dotted line). After testing this level, the upward movement may extend to the next target of 1.2349 – an upper fractal (blue dotted line).

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 a comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend, without a lower shadow (Monday - up) and with an upper shadow (Friday - down) in the weekly white candlestick.

The first upward target is set at 1.2254 – the pullback level of 85.4% (blue dotted line). Once this level is tested, further growth is possible to the next target of 1.2349 – an upper fractal (blue dotted line).

Alternatively, the price from the level of 1.2165 (closing of the last weekly candle) may start rising in order to test the level of 1.2196 – the pullback level of 76.4% (blue dotted line). After reaching it, the price may decline to the target of 1.2132 – the pullback level of 23.6% (yellow dotted line). The next downward target is set at 1.2097 – the middle EMA (yellow dotted line).