FX.co ★ Technical analysis of EUR/USD for January 16-21, 2023

Trend analysis

EUR/USD may start moving downwards this week, starting from the level of 1.0829 (closing of the last weekly candle) to 1.0673, which is the 14.6% retracement level (blue dotted line). Once this price is reached, the pair will continue climbing upwards.

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - downtrend

Fibonacci levels - downtrend

Volumes - downtrend

Candlestick analysis - downtrend

Trend analysis - downtrend

Bollinger bands - uptrend

Monthly chart - uptrend

All this points to a downward movement in EUR/USD.

Conclusion: The pair will have a bearish trend, with no first upper shadow on the weekly black candle (Monday - down) and a second lower shadow (Friday - up).

So during the week, euro will decline from 1.0829 (closing of the last weekly candle) to the 14.6% retracement level at 1.0673 (blue dotted line), and then resume moving upwards.

Alternatively, the quote could fall from 1.0829 (closing of the last weekly candle) to the 5 EMA at 1.0729 (red thin line), then continue the upward price movement.