FX.co ★ Technical analysis of EUR/USD for January 15-20

Trend analysis

EUR/USD may start moving upward this week, from the level of 1.0949 (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 no second upper shadow (Friday - upward).

Therefore, during the week, euro will rise from 1.0949 (closing price of the last weekly candle) to the historical resistance level of 1.1046 (blue dashed line), and then go to the 76.4% retracement level of 1.1080 (red dashed line).

Alternatively, it could move from 1.0949 (closing price of the last weekly candle) to the 14.6% retracement level of 1.1038 (yellow dashed line), followed by a decline.