15.08.202209:23 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 15-20, 2022

Trend analysis

EUR/USD will increase this week, starting from 1.0259 (closing of the last weekly candle) to 1.0368, which is the 50.0% retracement level (yellow dotted line). Then, it will continue moving up to the 61.8% retracement level at 1.0466 (yellow dotted line), before returning to 1.0273, which is the 13 EMA (yellow thin line). Quotes are likely to resume rising after these movements.

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

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

Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).

During the week, euro will climb from 1.0259 (closing of the last weekly candle) to the 50.0% retracement level at 1.0368 (yellow dotted line), go to the 61.8% retracement level at 1.0466 (yellow dotted line), and bounce back to the 13 EMA at 1.0273 (yellow thin line). Quotes are likely to resume rising after these movements.

Alternatively, the pair could dip from 1.0259 (closing of the last weekly candle) to the historical support level of 1.0114 (dashed blue line), then go up to the resistance line at 1.0335 (thick blue line).