FX.co ★ Technical analysis of EUR/USD for May 23-28, 2022

trend analysis

EUR/USD will attempt to extend its rally this week, rising from 1.0562 (closing of the last weekly candle) to 1.0786, the 38.2% retracement level (red dotted line). But from this level, the quote is likely to roll down again.

Fig. 1 (weekly chart)

comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

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 - up) and no second upper shadow (Friday - up).

And during the week, the price will climb from 1.0562 (closing of the last weekly candle) to the 38.2% retracement level at 1.0786 (red dotted line), then move down again.

Alternatively, the quote could attempt to rise from 1.0562 (the closing of the last weekly candle) to the 23.6% retracement level at 1.0618 (red dotted line), then go down to the historical support level at 1.0508 (dashed blue line). Upon reaching that, the pair will bounce back to the 38.2% pullback level at 1.0786 (red dotted line).