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FX.co ★ Technical analysis of EUR/USD for May 1-6, 2023

Technical analysis of EUR/USD for May 1-6, 2023

Trend analysis

EUR/USD may start moving down this week, starting from the level of 1.1018 (closing of the last weekly candle) to 1.0873, which is the 38.2% retracement level (blue dashed line). Upon reaching this price, the pair will resume an upward movement towards 1.1095, which is the upper fractal (blue dashed line).

Technical analysis of EUR/USD for May 1-6, 2023

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - downward

Fibonacci levels - downward

Volumes - downward

Candlestick analysis - downward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - downward

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

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

So during the week, euro will start moving down from 1.1018 (closing of the last weekly candle) to the 38.2% retracement level at 1.0873 (blue dashed line), and then rise to the upper fractal at 1.1095 (blue dashed line).

Alternatively, the quote may go down from 1.1018 (closing of the last weekly candle) to the 23.6% retracement level at 1.0957 (blue dashed line), and then bounce up to the upper fractal at 1.1095 (blue dashed line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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