16.05.202212:06 Forex Analysis & Reviews: Technical analysis of EUR/USD for May 16-21, 2022

trend analysis

EUR/USD will attempt to move up this week, from 1.0408 (closing of the last weekly candle) to 1.0515, which is the 14.6% retracement level (red dotted line). Then, it will go to the 23.6% retracement level at 1.0616 (red dotted line) and continue climbing up.

Fig. 1 (weekly chart)

comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All this points to an upward movement in EUR/USD.

Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and a second upper shadow (Friday - down).

And during the week, the price will rise from 1.0408 (closing of the last weekly candle) to the 14.6% retracement level at 1.0515 (red dotted line), then move to the 23.6% retracement level at 1.0616 (red dotted line) and higher price levels.

Alternatively, the pair could attempt to move down from 1.0408 (closing of the last weekly candle) to the lower border of the Bollinger Band indicator at 1.0226 (black dotted line), then bounce back to the 14.6% retracement level at 1.0515 (red dotted line).