04.01.202109:56 Forex Analysis & Reviews: Technical analysis for EUR/USD pair for the week of January 4-9, 2021

Trend analysis

The price from the level of 1.2216 (closing of the previous weekly candle) may continue to increase this week to the upper fractal of 1.2309 (red dotted line) – the weekly candle from 12/27/2020. Upon reaching this level, the upward movement can possibly continue to the next target at 1.2462 – the historical resistance level (blue dotted line).

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - up
• Monthly chart - up

An upward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price is likely to have an upward trend this week, without a lower shadow in the weekly white candlestick (Monday - up) and with an upper shadow (Friday - down).

The first upper target is 1.2309 (red dotted line) – upper fractal (weekly candle from 12/27/2020). Upon reaching this level, the upward movement can possibly continue to the next target at 1.2462 – the historical resistance level (blue dotted line).

An alternative scenario: the price can rise from the level of 1.2216 (closing of the last weekly candlestick) to the target of 1.2309 (red dotted line) – upper fractal (weekly candle from 12/27/2020). After reaching this level, it is possible to decline to the target of 1.2064 – the pullback level of 14.6% (red dotted line).