FX.co ★ EUR/USD: Weekly technical analysis from July 17 to July 22, 2023

Trend analysis (Fig. 1).

This week, the pair may extend the uptrend from 1.1226 (closing price of the weekly candlestick) to the upper fractal at 1.1378 (red dotted line). Once the level is reached, growth may continue to the historic resistance level of 1.1482 (blue dotted line).

Fig. 1 (weekly chart)

Complex analysis:

- indicator analysis - up

- Fibonacci levels - up

- volumes - up

- candlestick analysis - up

- trend analysis - up

- Bollinger bands - up

- monthly chart - up

Based on complex analysis, the uptrend is likely.

This week, on the chart of EUR/USD, we will highly likely see a white bullish candlestick without the lower (Monday – up) and upper shadows (Friday – up).

This week, the pair may extend the uptrend from 1.1226 (closing price of the weekly candlestick) to the upper fractal at 1.1378 (red dotted line). Once the level is reached, growth may continue to the historic resistance level of 1.1482 (blue dotted line).

Alternative scenario: the pair may extend the uptrend from 1.1226 (closing price of the weekly candlestick) to the upper fractal at 1.1378 (red dotted line). Once the level is approached, quotes may go down to the 14.6% retracement level of 1.1137 (blue dotted line).