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

Trend analysis

The price from the level of 1.1568 (closing of the last weekly candle) may further rise to the target of 1.1622 – the pullback level of 14.6% (blue dotted line) this week. Given that this level is broken upwards, the upward movement will continue to the target of 1.1717 – the resistance line (white thick 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.

This week, the price from the level of 1.1568 (closing of the last weekly candle) is likely to continue its growth to the target of 1.1622 – the pullback level of 14.6% (blue dotted line). If this level is broken upwards, it may further rise to the target of 1.1717 – the resistance line (white thick line).

Alternatively, the price from the level of 1.1568 (closing of the last weekly candle) may continue to decline to be able to test the support line of 1.1509 (red bold line). After this line is reached, it may rise again to the target of 1.1623 – the pullback level of 23.6% (blue dotted line).