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Trend analysis
The price from the level of 1.1716 (closing of the last weekly candle) may continue to pullback downward this week with the goal of 1.1669 - the pullback level of 74.6% (red dashed line). From this level, we can continue to decline with the goal of 1.1612 - the lower fractal (red dotted line). After testing this level, the price may begin to move upwards.
Figure: 1 (weekly chart).
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - down;
- trend analysis - down;
- Bollinger lines - up;
- monthly chart - up.
A downward movement can be concluded based on the comprehensive analysis.
The overall result of the calculation of the candlestick of the EUR/USD pair on the weekly chart: this week, the price is likely to have a downward trend without the upper shadow in the weekly black candlestick (Monday - down) and with the lower shadow (Friday - up).
The first lower target of 1.1669 is a pullback level of 74.6% (red dotted line). When testing this level, we can further decline towards the goal of 1.1612 - the lower fractal (red dotted line).
An unlikely scenario: a decline from the level of 1.1716 (closing of the last weekly candle) with the goal of 1.1669 - a pullback level of 74.6% (red dotted line) is unlikely.
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