Trend Analysis (Fig. 1)This week, the market may begin moving downward from the level of 1.1563 (the closing price of the last weekly candle), targeting 1.1391 — the 61.8% retracement level (blue dotted line). Upon testing this level, the price may rebound upward toward 1.1488 — a historical resistance level (light blue dotted line).
Fig. 1 (Weekly Chart)
Comprehensive Analysis:
Indicator analysis — downward
Fibonacci levels — downward
Volume analysis — downward
Candlestick analysis — downward
Trend analysis — downward
Bollinger Bands — downward
Monthly chart — downward
Conclusion from the comprehensive analysis: Downward movement.
Overall Summary for the Weekly Candle of EUR/USD:
During the week, the price will most likely show a downward trend, with no upper shadow on the weekly black candle (Monday — downward movement) and the presence of a lower shadow (Friday — upward movement).
Alternative Scenario:
From the level of 1.1563 (the closing price of the last weekly candle), the pair may begin moving downward toward 1.1266 — the 76.4% retracement level (blue dotted line). Upon testing this level, the price may rebound upward toward 1.1391 — the 61.8% retracement level (blue dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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Fig. 1 (Weekly Chart)
Comprehensive Analysis:
Conclusion from the comprehensive analysis: Downward movement.
Overall Summary for the Weekly Candle of EUR/USD:
During the week, the price will most likely show a downward trend, with no upper shadow on the weekly black candle (Monday — downward movement) and the presence of a lower shadow (Friday — upward movement).
Alternative Scenario:
From the level of 1.1563 (the closing price of the last weekly candle), the pair may begin moving downward toward 1.1266 — the 76.4% retracement level (blue dotted line). Upon testing this level, the price may rebound upward toward 1.1391 — the 61.8% retracement level (blue dotted line).
The material has been provided by InstaForex Company - www.instaforex.com