15.05.202310:05 Forex Analysis & Reviews: Technical analysis of EUR/USD for May 15-20, 2023

Trend analysis

EUR/USD may move downwards from the level of 1.0847 (closing of the last weekly candle) to 1.0737, which is a 61.8% retracement level (blue dotted line). Upon reaching this price, the pair will bounce up to 1.0883, which is a historical resistance level (blue dotted line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - downward

Fibonacci levels - downward

Volumes - upward

Candlestick analysis - downward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - downward

All this points to a downward movement in EUR/USD.

Conclusion: Most likely, the pair will have a bearish trend, with no first upper shadow on the weekly black candle (Monday - downward) and a second lower shadow (Friday - upward).

So during the week, euro will fall from 1.0847 (closing of the last weekly candle) to the 61.8% retracement level at 1.0737 (blue dotted line), and then climb upwards to the historical resistance level at 1.0883 (blue dotted line).

Alternatively, the quote may go down from 1.0847 (closing of the last weekly candle) to the 50.0% retracement level at 1.0805 (blue dotted line), and then bounce up to the historical resistance level at 1.0883 (blue dotted line).