FX.co ★ Technical analysis of the EUR/USD pair for Jan 10-15, 2021

Trend analysis

The price from the level of 1.1360 (closing of the last weekly candlestick) may start to decline to the target of 1.1283 – the support line (red bold line) this week. After testing this line, the beginning of the upward movement with the target of 1.1489 – 21 middle EMA (black thin line) can be expected.

Fig 1 (weekly chart)

Comprehensive analysis:

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

A downward 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 a downward trend without an upper shadow (Monday - down) and with an upper shadow (Friday - up) in the weekly black candlestick.

This week, the price from the level of 1.1360 (closing of the last weekly candlestick) may start falling to the target of 1.1283 – the support line (red bold line). If this line is tested, it may now rise to the target of 1.1489 – 21 middle EMA (black thin line).

Alternatively, the price from the level of 1.1360 (closing of the last weekly candlestick) will likely begin to decline so that it can reach the lower fractal of 1.1272 (weekly candlestick from 2.1.2022). After reaching this level, an upward movement with the target of 1.1387 – the historical resistance level (blue dashed line), is possible. This growth will continue after testing this level.