FX.co ★ Technical analysis of EUR/USD for July 11-16, 2022

trend analysis

EUR/USD will continue to decline this week, from 1.0185 (closing of the last weekly candle) to 1.0072, which is the lower fractal (yellow dotted line). Then, the pair will turn around and attempt to test the 14.6% retracement level at 1.0175 (yellow dotted line) and go further up to 1.0240, which is the 23.6% retracement level (red dotted line)

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 a first lower shadow on the weekly white candle (Monday - down) and no second upper shadow (Friday - up).

During the week, the quote will climb from 1.0185 (closing of the last weekly candle) to the lower fractal at 1.0072 (red dotted line), bounce back to the 14.6% retracement level at 1.0175 (yellow dotted line), then move to the 23.6% retracement level at 1.0240 (red dotted line).

Alternatively, the pair could move from 1.0185 (closing of the last weekly candle) to the lower fractal at 1.0072 (red dotted line), then bounce back to the 208% retracement level at 0.9877 (red dotted line). The upward trend will resume after that.