Technical analysis of EUR/USD pair for the week of June 14-June 19, 2021

Trend analysis

The price from the level of 1.2107 (closing of the last weekly candlestick) may continue to decline this week in order to test the level of 1.2050 – the pullback level of 38.2% (yellow dotted line). After testing this level, the upward movement may extend to the next target of 1.2102 – the pullback level of 61.8% (blue dotted line).

Figure 1 (weekly chart)

Comprehensive analysis:

  • Indicator analysis – down
  • Fibonacci levels – down
  • Volumes – down
  • Candlestick analysis – down
  • Trend analysis – down
  • Bollinger lines – down
  • Monthly chart – down

A downward movement can be concluded based on a comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in a downward trend with an upper shadow (Monday – up) and without a lower shadow (Friday – down) in the weekly black candlestick.

The first downward target is set at 1.2050 – the pullback level of 38.2% (yellow dotted line). Once this level is tested, further decline is possible to the next target of 1.2102 – the pullback level of 61.8% (blue dotted line).

Alternatively, the price from the level of 1.2107 (closing of the last weekly candlestick) may start rising in order to test the level of 1.2196 – the pullback level of 76.4%, (blue dotted line). After reaching it, the continuation of the upward movement can be expected with the target of 1.2254 – the pullback level of 85.4% (blue dotted line).

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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