03.08.202010:18 Forex Analysis & Reviews: Technical analysis of the EUR/USD pair for this week (August 3-8)

Trend analysis.

This week, the price from the level of 1.1778 (closing of the last weekly candle) may continue to decline with the target at 1.1711 - the support line (black thick line). Upon reaching this line, it is possible to work downward with the target at 1.1607 - the pullback level of 23.6% (red dotted line).

Fig. 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - up;

- Bollinger lines - down;

- monthly chart - down.

Conclusion on a comprehensive analysis - a downward movement.

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

General scenario: The first downside target at 1.1711 is the support line (black bold line). Upon reaching this level, we will further work downward with the target at 1.1607 - the pullback level of 23.6% (red dotted line).

Alternative scenario: when declining and reaching the level of 1.1711 - support line (black bold line), the price may continue to work upwards with the target at 1.1908 - upper fractal (red dashed line).