FX.co ★ Technical analysis of EUR/USD for February 12-17

Trend analysis

EUR/USD may continue moving upward this week, rising from 1.0784 (closing price of the last weekly candle) to the 38.2% retracement level of 1.0875 (yellow dashed line). The pair may go back downward after testing this level.

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - downward

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 climb from 1.0784 (closing price of the last weekly candle) to the 38.2% retracement level of 1.0875 (yellow dashed line), and then turn around and move downward.

Alternatively, it could rise from 1.0784 (closing price of the last weekly candle) to the 38.2% retracement level of 1.0875 (yellow dashed line), followed by a further increase to the 61.8% retracement level of 1.0959 (red dashed line).