Forex Trading: Euro To US Dollar - Technical Analysis

Relevance up to 09:00 2022-07-30 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Trend analysis

EUR/USD will increase this week, from 1.0213 (closing of the last weekly candle) to 1.0213, which is the 38.2% retracement level (yellow dotted line). Then, it will continue moving up to the 50% retracement level at 1.0367 (yellow dotted line), before returning to 1.0278, which is the upper fractal (weekly candle from 07/17/2022).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All this points to an upward movement in EUR/USD.

Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).

During the week, euro will climb from 1.0213 (closing of the last weekly candle) to the 38.2% retracement level at 1.0213 (yellow dotted line), move to the 50% retracement level at 1.0367 (yellow dotted line), then return to the upper fractal at 1.0278 (weekly candle from 07/17/2022).

Alternatively, the pair could decrease from 1.0213 (closing of the last weekly candle) to the 161.8% retracement level at 1.0078 (red dotted line), then bounce up to the 23.6% retracement level at 1.0146 (yellow dotted line).

InstaForex Analysis

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