On the weekly chart, the price is moving down in the side channel and tested again the support line of the rising channel 1.1614 (white thin line) and after that the price went up. Again, the fourth point of contact of the support line is a good starting point to work upwards (with 70% probability). Most likely, we are waiting for an upward movement this week.
Trend analysis (Figure 1).
This week, the market may start moving up with the immediate target at 1.1756 - a recoil level of 23.6% (blue dotted line) and further up. In fact, the candlestick analysis gives the bottom job (harami). Let's turn to the indicator analysis.
Fig. 2 (weekly chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up (blue dotted line);
- volumes - upwards;
- candle analysis - down;
- trend analysis - up;
- Bollinger lines - up;
- monthly graph - up.
Conclusion on complex analysis - up.
The overall calculation result of the candle currency pair EUR / USD on a weekly chart indicates the weekly price would likely trail to the upward trend with the absence of the first lower shadow of a weekly white candle and the absence of a second upper shadow.
The nearest upper target is 1.1756 - the recoil level is 23.6% (blue dotted line) and further up.
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company - www.instaforex.com