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Last week, both pairs moved down but due to different factors. The pair EUR/USD could not decide what to break through – the support line of 1.1132 (blue bold line) or the resistance line of 1.1267 (white bold line). The GBP/USD pair was rapidly moving down under the pressure of fundamental analysis.
EUR/USD pair.
Trend analysis (Fig. 1).
In the coming week, the price will move down with the first target of 1.1132 – support line (blue bold line) and further with a greater probability of working down with the target of 1.0902 – a pullback level of 76.4% (yellow dotted line).
Fig. 2 (weekly schedule).
Indicator analysis on the weekly chart (Fig. 2).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candle analysis – up;
- Trend analysis – down;
- Bollinger bands – down;
- Monthly schedule – down.
The conclusion from the comprehensive analysis is the downward movement.
The overall result of the calculation of the GBP/USD candle on the weekly chart: the price of the week is likely to have a downward trend with the presence of the first upper shadow of the weekly black candle (Monday – up) and the absence of the second lower shadow (Friday – down).
In the coming week, the price will move down with the first target - 1.2672 target level of 161.8% (yellow dotted line).
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