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The EUR/USD pair moved up and tested the upper fractal - 1.1965 (weekly candle from 08/16/2020) last week, which was followed by a price decline. As it moved down, the price tested the pullback level of 14.6% - 1.1810 (red dotted line). Thus, the market may continue to decline this week.
Trend analysis.
This week, the price from the level of 1.1837 (closing of the last weekly candle) may continue to decline, with the target at 1.1685 - the pullback level of 23.6% (red dotted line). If this level is tested, it is possible to work upwards with the target at 1.2010 - the upper fractal (red dotted line).
Figure: 1 (weekly chart).
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - up;
- candlestick analysis - down;
- trend analysis - up;
- Bollinger lines - down;
- monthly chart - down.
Based on a comprehensive analysis, a downward movement can be concluded.
The general result of the calculation of the candlestick of the EUR/USD currency pair according to the weekly chart: the price in the week is likely to have a downward trend, with no upper shadow in the weekly black candlestick (Monday - down) and no lower shadow (Friday - down).
The first downside target at 1.1685 is a pullback level of 23.6% (red dotted line). When testing this level, it is possible to work upwards with the target of 1.2010 - the upper fractal (red dotted line).
An unlikely scenario: if the price declines and reaches the pullback level of 14.6% - 1.1810 (red dotted line), it is unlikely that the price may continue to work downward, with the target at 1.1659 - the support line (black thick line).
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