18.01.202112:09 Forex Analysis & Reviews: Technical analysis for EUR/USD pair for the week of January 18-23, 2021

Trend analysis

The price from the level of 1.2078 (closing of the last weekly candle) may continue to decline this week to the level of 1.1943 (red dotted line) – a pullback level of 23.6%. Once this level is reached, the upward movement can possibly continue to the target of 1.2349 – the upper fractal (red dotted line).

Figure 1 (weekly chart)

Comprehensive analysis:

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

A downward 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 a downward trend this week, without an upper shadow in the weekly black candlestick (Monday - down) and without a lower shadow (Friday - down).

The downward target is 1.1943 (red dotted line) – pullback level of 23.6%. After reaching this level, the upward movement is likely to continue towards the target of 1.2349 (red dotted line) – the upper fractal.

An alternative scenario: the price can decline from the level of 1.2078 (closing of the last weekly candle), with the target of 1.1943 (red dotted line) – a pullback level of 23.6%. Upon reaching this level, it is possible to continue the downward movement to the target of 1.1774 (blue dashed line) – the all-time support level.