01.08.202211:56 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 2022

Trend analysis

EUR/USD will increase this August, from 1.0222 (closing of the July monthly candle) to 1.0300, which is the 14.6% retracement level (red dotted line). Then, it will go to the 23.6% retracement level at 1.0514 (red dotted line), before turning down again.

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

All this points to an upward movement in EUR/USD.

Conclusion: The pair will have an upward trend, with no lower shadow on the monthly white candle (the first week of the month is white) and a second upper shadow (the last week is black).

Throughout the month, quotes will climb from 1.0222 (closing of the July monthly candle) to the 14.6% retracement level at 1.0300 (red dotted line), move to the 23.6% retracement level at 1.0514 (red dotted line), then go down again.

Alternatively, the pair could decline from 1.0222 (closing of the July monthly candle) to the lower fractal at 0.9952 (red dotted line), then bounce back to the 14.6% retracement level at 1.0300 (red dotted line).