FX.co ★ Technical analysis of EUR/USD for April 18-23, 2022

Trend analysis (Fig. 1)

EUR/USD is likely to increase from 1.0811 (closing of the last weekly candle) to 1.0864, which is the 14.6% retracement level (red dotted line). Upon reaching it, the pair will move to the 23.6% retracement level at 1.1125 (red dotted line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - downtrend

Monthly chart - uptrend

All this points to an upward movement in EUR/USD.

Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - uptrend) and a second upper shadow (Friday - downtrend).

And throughout the week, the pair will rise from 1.0811 (closing of the last weekly candle) to the 14.6% retracement level at 1.0864 (red dotted line), then go to the 23.6% retracement level at 1.1125 (red dotted line).

Alternatively, the pair could fall from 1.0811 (closing of the last weekly candle) to the support line at 1.0733 (white thick line), then bounce up to the 14.6% retracement level at 1.0864 (red dotted line).