FX.co ★ Technical analysis of EUR/USD pair from August 16-20, 2021

Trend analysis

The price from the level of 1.1794 (closing of the last weekly candle) may further rise this week, with the target of 1.1837 – the pullback level of 23.6% (blue dotted line). After reaching this level, the upward movement may continue with the target of 1.1920 – the pullback level of 38.2% (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, with a lower shadow (Monday - down) and without an upper shadow (Friday - up) in the weekly white candlestick.

The first upward target is the level of 1.1837 – the pullback level of 23.6% (blue dotted line). Once this level is reached, the upward movement will resume to the target of 1.1920 – the pullback level of 38.2% (blue dotted line).

Alternatively, the price from the level of 1.1794 (closing of the last weekly candle) may continue to decline so that it can test the support line at 1.1761 (red bold line). After reaching this line, it will be likely to rise to the target of 1.1837 – the pullback level of 23.6% (blue dotted line).