Last week, the pair moved in different directions due to various factors. Once again, the EUR/USD pair tested the support line of 1.1142 (blue bold line) and rushed upward.
The GBP/USD pair tested the target level of 161.8% at1.2673 (yellow dotted line) but did not go further down under the pressure of fundamental analysis.
EUR / USD pair
Trend analysis (Fig. 1).
For this week, the price will move up with the first goal of 1.1234 at the resistance line (red bold line), and then work up with the goal 1.1278 - 21 average EMA (black thin line). The probability of this happening will likely be 60%.
Fig. 2 (weekly schedule).
Indicator analysis according to weekly schedule (Fig. 2).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - up;
- trend analysis - down;
- Bollinger lines - up;
- monthly schedule - down.
Conclusion of the complex analysis - upward movement.
The total sum of the calculation of the GBP/USD currency pair candle on a weekly schedule: the price of the week is likely to have an upward trend with the absence of the first lower shadow for the weekly white candle (Monday is up) and the absence of the second upper shadow (Friday is up).
For this week, the price will move up with the first goal of 1.2821 at the rolling level of 38.2% (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com