04.05.202008:52 Forex Analysis & Reviews: Technical analysis of EUR/USD pair for the week of May 4 to 9

Long-term review

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Trend analysis.

The price, from the pullback level of 38.2% - 1.0952 (red dashed line), can make an upward movement this week, with the first target of 1.1039 - the pullback level of 76.4% (blue dashed line). When this level is broken up, it is possible to continue working upwards with the target of 1.1085 - a pullback level of 85.4% (blue dashed line).

Fig. 1 (weekly schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - neutral;

- trend analysis - neutral;

- Bollinger lines - down;

- monthly chart - up.

The conclusion of a comprehensive analysis is an upward movement.

The total result of calculating the candle of the EUR / USD currency pair according to the weekly chart: the price is more likely to have an upward trend for weeks, with the presence of a lower shadow for the weekly white candlestick (Monday - down) and the absence of a second upper shadow (Friday - up).

The upper weekly target is the 1.1085 - a pullback level of 85.4% (blue dashed line).

An unlikely lower scenario: from a pullback level of 38.2% - 1.0977 (red dashed line), working down with a target of 1.0892 - a pullback level of 50% (red dashed line) and only then the upper development.

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