FX.co ★ Technical analysis of EUR/USD for October 2-7

Trend analysis

EUR/USD may continue to move downward this week, starting from the level of 1.0570 (closing of the last weekly candle) to the support line at 1.0504 (thick white line). After reaching this price, the pair will turn around and climb towards the 14.6% retracement level of 1.0788 (red dashed line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - downward

Fibonacci levels - downward

Volumes - downward

Candlestick analysis - upward

Trend analysis - downward

Bollinger bands - downward

Monthly chart - downward

Conclusion: The indicators point to a downward movement in EUR/USD.

Overall conclusion: The pair will 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 fall from 1.0570 (closing of the last weekly candle) to the support line at 1.0504 (thick white line), and then turn around and rise to the 14.6% retracement level of 1.0788 (red dashed line).

Alternatively, the pair could continue moving downwards from 1.0570 (closing of the last weekly candle) to the support line at 1.0504 (thick white line), followed by a further decline to the lower boundary of the Bollinger Bands at 1.0403 (black dashed line).