Trend Analysis (Fig. 1)This week, from the level of 1.1650 (the closing price of the last weekly candle), the market may begin a downward movement with the target at 1.1488 — the historical support level (blue dashed line). Upon testing this level, the price may retrace upward toward 1.1538 — the 38.2% retracement level (blue 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 summary for the EUR/USD weekly candle calculation: During the week, the price is most likely to follow a downward trend, forming a black weekly candle with a first upper shadow (Monday — upward movement) and a second lower shadow (Friday — upward movement).
Alternative Scenario:
From the level of 1.1650 (the closing price of the last weekly candle), the pair may begin a downward movement toward 1.1447 — the 50% retracement level (blue dashed line). Upon testing this level, the price may start moving upward toward 1.1498 — the historical support level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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Fig. 1 (Weekly Chart)
Comprehensive Analysis:
Conclusion from comprehensive analysis: Downward movement.
Overall summary for the EUR/USD weekly candle calculation: During the week, the price is most likely to follow a downward trend, forming a black weekly candle with a first upper shadow (Monday — upward movement) and a second lower shadow (Friday — upward movement).
Alternative Scenario:
From the level of 1.1650 (the closing price of the last weekly candle), the pair may begin a downward movement toward 1.1447 — the 50% retracement level (blue dashed line). Upon testing this level, the price may start moving upward toward 1.1498 — the historical support level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com