FX.co ★ EUR/USD. Technical Analysis for the Week of October 6–11

Trend Analysis (Fig. 1).

This week, from the 1.1741 level (the close of the last weekly candle), the market may start moving downward toward the target of 1.1572 – the upper fractal (red dotted line). Upon testing this level, the price may rebound upward toward the target of 1.1649 – the 23.6% retracement level (blue dotted line).

Fig. 1 (Weekly chart).

Comprehensive Analysis:

• Indicator analysis – down;
• Fibonacci levels – down;
• Volumes – down;
• Candlestick analysis – down;
• Trend analysis – down;
• Bollinger Bands – down;
• Monthly chart – down.

Conclusion from comprehensive analysis: Downward movement.

General outcome for the EUR/USD weekly candle calculation: The price this week will most likely show a downward trend, with no first upper shadow on the weekly black candle (Monday – down) and the presence of a lower shadow (Friday – up).

Alternative scenario: From the 1.1741 level (close of the last weekly candle), the pair may begin a downward move toward the 1.1488 historical resistance level (blue dotted line). Upon testing this level, the price may begin an upward move toward 1.1536 – the 38.2% retracement level (blue dotted line).