29.05.202309:22 Forex Analysis & Reviews: Technical analysis of EUR/USD for May 29 to June 3, 2023

Trend analysis

EUR/USD may start moving up from 1.0724 (closing of the last weekly candle) to 1.0883, which is a historical resistance level (blue dashed line). Upon reaching this price, the pair will bounce further to 1.0957, which is a 23.6% retracement level (blue dashed line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - downward

Bollinger bands - downward

Monthly chart - upward

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

Conclusion: Most likely, the pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and a second upper shadow (Friday - downward).

So during the week, euro will climb from 1.0724 (closing of the last weekly candle) to the historical resistance level at 1.0883 (blue dashed line), and then proceed to the 23.6% retracement level at 1.0957 (blue dashed line).

Alternatively, the quote may go upward from 1.0724 (closing of the last weekly candle) to the 50.0% retracement level at 1.0805 (blue dashed line), and then turn around and fall down to the historical resistance level at 1.0656 (blue dashed line).