FX.co ★ Technical analysis of EUR/USD for May 8-13, 2023

Trend analysis

EUR/USD may start moving up this week, starting from the level of 1.1019 (closing of the last weekly candle) to 1.1095, which is the upper fractal (blue dotted line). Upon reaching this price, the pair will continue its rise towards 1.1174, which is a historical resistance level (blue dotted line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - upward

All this points to an upward movement in EUR/USD.

Conclusion: Most likely, the pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and no second upper shadow (Friday - upward).

So during the week, euro will start climbing from 1.1019 (closing of the last weekly candle) to the upper fractal at 1.1095 (blue dotted line), and then head towards the historical resistance level at 1.1174 (blue dotted line).

Alternatively, the quote may go up from 1.1019 (closing of the last weekly candle) to the upper fractal at 1.1095 (blue dotted line), and then bounce down to the 23.6% retracement level at 1.0958 (blue dotted line).