26.10.202010:59 Forex Analysis & Reviews: Technical analysis of EUR/USD pair for this week (Oct 26-Oct 31, 20)

Trend analysis.

The price from the level of 1.1860 (closing of the last weekly candle) may pull back down this week, with the first goal at 1.1816 - a pullback level of 23.6% (red dashed line). After this level is tested, we can continue to work down with the goal of 1.1777 - the pullback level of 38.2% (red dotted line). Upon reaching this level, a further decline is likely.

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 decline can be concluded based on the comprehensive analysis.

The general result of calculating the candlestick of the EUR/USD pair on the weekly chart: the price is likely to decline this week without the upper shadow in the weekly black candlestick (Monday - down) and with the lower shadow (Friday - up).

The first downside goal is located at 1.1816 - a pullback level of 23.6% (red dashed line). After testing this level, we can continue to work downward with the goal of 1.1777 - the pullback level of 38.2% (red dotted line). Upon reaching this level, a further decline is likely.

An unlikely scenario: trading upwards with the goal of 1.1871 - resistance line (white thick line), while testing the level of 1.1860 (closing of the last weekly candle), with the goal of 1.1777 - a pullback level of 38.2% (red dotted line) is unlikely.