The weekly chart showed a purely fundamental development of the bottom last week, although technical analysis gave a calculated upper hand. The euro turned out to be black on Friday. Most likely, we can expect for the second move up this week. The next control point is 1.1735 - the upper fractal.
Trend analysis (Figure 1).
On the weekly chart, the price closed below the pullback level of 23.6% (the blue dotted line), but this was a refinement of the news. This week, the market can continue to move up, with the immediate target of 1.1735 - the upper fractal.
Fig. 2 (weekly chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up (blue dotted line);
- volumes - upwards;
- candle analysis - neutral;
- trend analysis - up;
- Bollinger lines - down;
- monthly graph - up.
Conclusion on complex analysis - up.
Calculation of the first shadow of the week (Monday) on a weekly chart.
The middle lines of the EMA 1/5/8 are the lower signal.
The "three lines" indicator (the direction of the lines of CCI indicators (5), RSI (5), stochastics with a period of 3/3/4) on the last run is a neutral signal.
Calculation of the system of RSI indicators for the first tail - up.
The bottom line: a weekly candlestick calculation for indicator analysis showed that on Monday the price may have a tendency, which should be determined by the daily chart.
Calculation of the second shadow of the week (Friday).
The calculation for the MACD linear part showed an upward trend (100 points up).
Calculation of the MACD histogram showed an upward trend (100 points up).
The bottom line: the calculation of the last day of the week on technical analysis showed that the price may have an upward trend on Friday, which should be confirmed by the daily chart.
The overall result of the calculation for the candle currency pair EUR/USD on a weekly chart indicates the weekly price would likely have an 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 1.1735 - the upper fractal.
* 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