16.11.202012:10 Forex Analysis & Reviews: Technical analysis of EUR/USD pair for this week (Nov 16-21,20)

Trend analysis

The price from the level of 1.1835 (closing of the last weekly candle) may start rising this week with the goal located at the resistance line of 1.1883 (white thick line). After testing this line, it is possible to further rise with the target at 1.1908 - the pullback level of 76.4% (blue dashed line). Upon reaching this level, the pair will continue further towards the goal of 1.2010 - the upper fractal (candle from 08/30/2020).

Figure 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - down;

- Bollinger lines - up;

- monthly chart - up.

Growth can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation of the EUR/USD pair on the weekly chart: the price is likely to have an upward trend this week, with no lower shadow in the weekly white candlestick (Monday - up) and no upper shadow (Friday - up).

The first upper goal is the resistance line of 1.1883 (white thick line). If this line is tested, it is possible to rise with the goal at 1.1908 - the pullback level of 76.4% (blue dashed line). Upon reaching this level, the pair can further increase towards the goal of 1.2010 - the upper fractal.

An alternative scenario: rising from the level of 1.1835 (closing of the last weekly candle) with the goal at the resistance line of 1.1883 (white thick line) can also be considered. After testing this line, the pair can decline towards the goal of 1.1802 - the pullback level of 38.2% (red dotted line). If this level is tested, further decline is likely with the goal of 1.1765 - the pullback level of 50.0% (red dashed line).