FX.co ★ Technical analysis of EUR/USD for January 8-13

Trend analysis

EUR/USD may start moving upward this week, from the level of 1.0941 (closing price of the last weekly candle) to the 14.6% retracement level of 1.1038 (yellow dashed line). It may continue rising after testing the level.

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: The 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 a second upper shadow (Friday - downward).

Therefore, during the week, euro will rise from 1.0941 (closing price of the last weekly candle) to the 14.6% retracement level of 1.1038 (yellow dashed line), and then go further up after testing the level.

Alternatively, it could decline from 1.0941 (closing price of the last weekly candle) to the 8 EMA at 1.0914 (thin blue line), followed by an upward movement.