FX.co ★ EUR/USD. Technical Analysis for the Week of November 17–22

Trend Analysis (Fig. 1)

This week, from the level of 1.1620 (the close of the latest weekly candle), the market may continue moving upward toward 1.1716 – the 23.6% retracement level (blue dashed line). Upon testing this level, the price may pull back downward toward 1.1663 – the 14.6% retracement level (red dashed line).

Fig. 1 (weekly chart).

Comprehensive Analysis:

• indicator analysis – upward
• Fibonacci levels – upward
• volumes – upward
• candlestick analysis – upward
• trend analysis – upward
• Bollinger Bands – upward
• monthly chart – upward

Conclusion from the comprehensive analysis: upward trend.

Final Summary of the Weekly Candle Projection for EUR/USD:

During the week, the price will most likely show an upward trend, with no lower shadow on the weekly white candle (Monday – upward), and the presence of an upper shadow (Friday – downward).

Alternative Scenario:

From the level of 1.1620 (the close of the latest weekly candle), the pair may begin moving upward toward 1.1793 – the 14.6% retracement level (blue dashed line). Upon testing this level, the price may pull back downward toward 1.1716 – the 23.6% retracement level (blue dashed line).