The market has a downward channel (red bold lines). The price in April, moving down, tested the support line – 1.1147 (blue thin line), but closed higher. A comprehensive analysis will show where the price will go further. There is a very strong signal upwards – the last three candles in a row are black, and they increase over the bodies in falling volumes.
Trend analysis (Fig. 1).
The month of May can begin with an upward movement, with the first target 1.1229 – the resistance line (red bold line). The control point is 1.1229, after which it will be clear where the market will go, and this question will be answered by a comprehensive analysis.
Fig. 2 (monthly schedule).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis is neutral;
- Bollinger lines - down;
The conclusion from the complex analysis is probably the top work.
The overall result of the calculation of the EUR/USD currency pair candle on the monthly chart: the price is likely to have an upward trend with the absence of the first lower shadow (the first week of the month – the top) of the monthly white candle and the absence of the second upper shadow (the last week is white).
The month of May can begin with an upward movement, with the first goal of 1.1229 – resistance line (red bold line). There is a high probability of continuing upward movement.
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