18.05.202009:04 Forex Analysis & Reviews: Technical analysis of the EUR/USD pair for the week of May 18-23

Trend analysis:

This week, the price from the level of 1.0818 (closing of the last weekly candlestick) can start to move up with the first target at 1.0862 - a pullback level of 38.2% (blue dashed line). After breaking through this level, the price will continue to move up to the next upper target at 1.0892 - a pullback level of 50.0% (blue dashed line).

Fig. 1 (weekly schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - neutral;

- trend analysis - up;

- Bollinger Lines - down;

- monthly chart - up.

The conclusion of a comprehensive analysis is an upward movement.

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

The upper weekly target is 1.0921 - a pullback evel of 61.8% (blue dashed line).

An unlikely lower scenario: working down with the target at 1.0711 - a pullback level of 85.4% (red dashed line) from the support line 1.0803 (blue bold line).