This week, from the 1.1745 level (the close of the last weekly candle), the market may begin moving down with a target of 1.1536 – the 38.2% retracement level (blue dashed line). Upon testing this level, the price may bounce upward toward the target of 1.1572 – the upper fractal (red dashed line).
Fig. 1 (weekly chart)
Comprehensive Analysis:
Indicator analysis – downward;
Fibonacci levels – downward;
Volume – downward;
Candlestick analysis – downward;
Trend analysis – downward;
Bollinger Bands – downward;
Monthly chart – downward.
Conclusion from comprehensive analysis: downward movement.
Overall candle projection for the EUR/USD pair on the weekly chart: the price is most likely to show a downward trend during the week, featuring an initial upper shadow on the weekly black (bearish) candle (Monday – upward move), and a secondary lower shadow (Friday – upward move).
Alternative Scenario: The pair may start moving downward from the 1.1745 level (close of the last weekly candle) with a target of 1.1572 – the upper fractal (red dashed line). Upon testing this level, the price may begin moving upward toward the 23.6% retracement level at 1.1647 (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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Trend Analysis (Fig. 1)
This week, from the 1.1745 level (the close of the last weekly candle), the market may begin moving down with a target of 1.1536 – the 38.2% retracement level (blue dashed line). Upon testing this level, the price may bounce upward toward the target of 1.1572 – the upper fractal (red dashed line).
Fig. 1 (weekly chart)
Comprehensive Analysis:
Conclusion from comprehensive analysis: downward movement.
Overall candle projection for the EUR/USD pair on the weekly chart: the price is most likely to show a downward trend during the week, featuring an initial upper shadow on the weekly black (bearish) candle (Monday – upward move), and a secondary lower shadow (Friday – upward move).
Alternative Scenario: The pair may start moving downward from the 1.1745 level (close of the last weekly candle) with a target of 1.1572 – the upper fractal (red dashed line). Upon testing this level, the price may begin moving upward toward the 23.6% retracement level at 1.1647 (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com