FX.co ★ Technical analysis of EUR/USD for July 31 to August 5

Trend analysis

EUR/USD may move upward this week, starting from the level of 1.1016 (closing of the last weekly candle) to the historical resistance level of 1.1082 (blue dotted line). Upon reaching this price, the pair will rise further to another historical resistance level located at 1.1174 (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

Conclusion: All indicators point to an upward movement in EUR/USD.

Overall conclusion: 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 rise from 1.1016 (closing of the last weekly candle) to the historical resistance level of 1.1082 (blue dotted line), and then move towards another historical resistance level located at 1.1174 (blue dotted line).

Alternatively, the quote may climb immediately from 1.1016 (closing of the last weekly candle) to the historical resistance level located of 1.1174 (blue dotted line). Further growth may be seen after the pair hits this level.