FX.co ★ Technical analysis of EUR/USD for October 10-15, 2022

trend analysis

EUR/USD quotes are likely to increase this week, starting from the level of 0.9738 (closing of the last weekly candle) to 0.9843, which is the 23.6% retracement level (yellow dotted line). Then, it will move to the 38.2% retracement level at 1.0023 (yellow dotted line) before going 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 a bullish trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).

So during the week, euro will rise from 0.9738 (closing of the last weekly candle) to the 23.6% retracement level at 0.9843 (yellow dotted line), go to the 38.2% retracement level at 1.0023 (yellow dotted line), then fall down again.

alternatively, quotes could drop from 0.9738 (closing of the last weekly candle) to the 261.8% retracement level at 0.9641 (dashed blue line), then bounce up to the 23.6% retracement level at 0.9843 (yellow dotted line). The pair will continue to rise after testing this level.