15.02.202109:27 Forex Analysis & Reviews: Technical analysis for EUR/USD pair for the week of February 15-20, 2021

Trend analysis

The price from the level of 1.2119 (closing of the last weekly candle) may continue rising this week to the level of 1.2274 (blue dotted line) – the pullback level of 85.4%. Once this level is reached, the upward movement can possibly continue to the target of 1.2347 (red dotted line) – the upper fractal.

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 will most likely move in the upward trend this week, without a lower shadow (Monday - up) and with an upper shadow (Friday - down) in the weekly white candlestick.

The first upward target is set at the resistance level of 1.2176 (yellow bold line). After reaching this level, the price will likely continue moving up towards the target of 1.2274 (blue dotted line) – a pullback level of 85.4%. This will be followed by the next upper target set at 1.2349 (red dotted line) – upper fractal.

Alternatively, the price from the level of 1.2119 (closing of the last weekly candle) may increase to the target of 1.2176 (yellow bold line) – resistance level and then decline to the target of 1.2098 (red dotted line) – 14.6% pullback level.