Trend analysis (Figure 1).
On the weekly chart, the price closed above the recession level of 23.6% (blue dotted line), which means that the market can continue to move up with the nearest target. 1.1735 - the upper fractal. Perhaps, the market will overcome this level. Candlestick analysis also gives the upper work. Let's turn to the indicator analysis.
Fig. 2 (weekly chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up (blue dotted line);
- volumes - upwards;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger lines - up;
- monthly chart - down.
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 CCI indicator lines (5), RSI (5), stochastic with a period of 3/3/4) on the last run is the upper 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 the price may have an upward trend on Monday, which should be confirmed by the daily chart.
Calculation of the second shadow of the week (Friday).
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 of the candle currency pair EUR/USD on a weekly chart indicates that 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