06.09.202112:17 Forex Analysis & Reviews: Technical analysis of EUR/USD pair from Sept 6-10, 2021

Trend analysis

The price from the level of 1.1878 (closing of the last weekly candle) may continue to rise with the target of 1.1893 – the pullback level of 38.2% (blue dotted line) after slightly pulling back to the level of 1.1850 – the pullback level of 23.6% (yellow dotted line). After reaching this level, the upward movement may resume with the target of 1.1964 – the pullback level of 50.0% (blue dotted line).

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - up
• Monthly chart - up

An upward movement can be concluded based on a comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend, both with a lower shadow (Monday - down) and an upper shadow (Friday - down) in the weekly white candlestick.

The first upward target is set at 1.1893 – the pullback level of 38.2% (blue dotted line). After this level is reached, the price may further rise to the target of 1.1964 – the pullback level of 50.0% (blue dotted line).

Alternatively, the price from the level of 1.1789 (closing of the last weekly candle) may start declining with the target of testing the level of 1.1814 – the pullback level of 38.2% (yellow dotted line). After reaching it, the upward movement may continue with a target of 1.1886 – the resistance line (red bold line).