FX.co ★ EUR/USD. Technical Analysis for the Week of August 11–16

Trend Analysis (Fig. 1).

This week, from the 1.1641 level (close to the last weekly candle), the market may start moving downward toward 1.1448 – the 50% retracement level (blue dotted line). Upon testing this level, the price may start moving upward toward 1.1488 – a historical resistance level (blue dotted line).

Fig. 1 (Weekly Chart).

Comprehensive Analysis:

• Indicator analysis – downward
• Fibonacci levels – downward
• Volumes – downward
• Candlestick analysis – downward
• Trend analysis – downward
• Bollinger Bands – downward
• Monthly chart – downward

Conclusion from comprehensive analysis: downward movement.

Overall forecast for the weekly EUR/USD candle: the price will most likely maintain a bearish trend during the week, with the first upper shadow on the weekly black candle (Monday – upward movement) and a second lower shadow (Friday – upward movement).

Alternative scenario: from the 1.1641 level (close of the last weekly candle), the pair may continue moving upward toward 1.1710 – the historical resistance level (blue dotted line). Upon testing this level, the price may start moving downward toward 1.1447 – the 50% retracement level (blue dotted line).