FX.co ★ Technical analysis of EUR/USD for April 8-13, 2024

Trend analysis

EUR/USD may continue moving upward this week, rising from 1.0836 (closing price of the last weekly candle) to the 50% retracement level of 1.0917 (red dashed line). Upon testing this level, the pair will climb further towards the 61.8% retracement level of 1.0969 (red dashed line).

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 1.0836 (closing price of the last weekly candle) to the 50% retracement level of 1.0917 (red dashed line), and then approach the 61.8% retracement level of 1.0969 (red dashed line).

Alternatively, it could increase from 1.0836 (closing price of the last weekly candle) to the 50% retracement level of 1.0917 (red dashed line), followed by a pull back to the 38.2% retracement level of 1.0875 (yellow dashed line).