24.08.202010:31 Forex Analysis & Reviews: Technical analysis of the EUR/USD pair for the week (August 24-28)

The pair continued to rise last week, testing the upper fractal 1.1915 (weekly candle from 08/02/2020), and after that, the market declined. Moving down, the price tested the pullback level of 14.6% - 1.1770 (red dashed line). The market may continue to move up in the coming week.

Trend analysis.

This week, the price from the level of 1.1796 (closing of the last weekly candle) may continue to move upward, with the target at 1.1965 - the upper fractal (red dotted line). Upon reaching this line, it is possible to continue working upwards with the target of 1.2102 - the pullback level of 76.4% (blue dotted line).

Figure: 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - down;

- trend analysis - up;

- Bollinger lines - up;

- monthly chart - up.

An upward movement can be concluded based on a comprehensive analysis.

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

The first upper goal at 1.1965 is an upper fractal (red dotted line). Upon reaching this line, it is possible to continue working upwards with the target of 1.2102 - the pullback level of 76.4% (blue dashed line).

An unlikely scenario: when moving up and reaching the level of 1.1821 - a 61.8% retracement level (blue dotted line), the price may start working downward, with the goal at 1.1673 - support line (black bold line).