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FX.co ★ Technical analysis of EUR/USD for August 7-12

Technical analysis of EUR/USD for August 7-12

Trend analysis

EUR/USD may continue its downward movement this week, starting from the level of 1.1006 (closing of the last weekly candle) to the support line at 1.0945 (thick blue line). Upon reaching this price, the pair will shift upwards, rising towards the historical resistance level of 1.1082 (blue dotted line) and another historical resistance level located at 1.1174 (dotted blue line).

Technical analysis of EUR/USD for August 7-12

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - downward

Fibonacci levels - downward

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 a first lower shadow on the weekly white candle (Monday - upward) and no second upper shadow (Friday - upward).

So during the week, euro will decline from 1.1006 (closing of the last weekly candle) to the support line at 1.0945 (thick blue line), and then shift upwards to the historical resistance level of 1.1082 (blue dotted line). It could also reach another historical resistance level located at 1.1174 (dotted blue line).

Alternatively, the quote may fall from 1.1006 (closing of the last weekly candle) to the historical support level at 1.0883 (blue dotted line), followed by a rise to the 38.2% retracement level at 1.0984 (blue dotted 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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