FX.co ★ Technical analysis of EUR/USD for November 7-12, 2022

Trend analysis

EUR/USD quotes are likely to increase this week, starting from 0.9959 (closing of the last weekly candle) to 1.0159, which is the 50.0% retracement level (yellow dotted line). Then, it will continue moving up to higher price levels.

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 from 0.9959 (closing of the last weekly candle) to the 50.0% retracement level at 1.0159 (yellow dotted line), then continue going up to higher price levels.

Alternatively, quotes could climb from 0.9959 (closing of the last weekly candle) to the historical support level at 1.0114 (dashed blue line), then move down to the 14.6% retracement level at 1.0017 (dashed blue line).