FX.co ★ Weekly technical review on EUR/USD and GBP/USD currency pairs from May 20 to 25, 2019

Last week, both pairs moved down but due to different factors. The pair EUR/USD could not decide what to break through – the support line of 1.1132 (blue bold line) or the resistance line of 1.1267 (white bold line). The GBP/USD pair was rapidly moving down under the pressure of fundamental analysis.

EUR/USD pair.

Trend analysis (Fig. 1).

In the coming week, the price will move down with the first target of 1.1132 – support line (blue bold line) and further with a greater probability of working down with the target of 1.0902 – a pullback level of 76.4% (yellow dotted line).

Fig. 2 (weekly schedule).

Indicator analysis on the weekly chart (Fig. 2).

Comprehensive analysis:

- Indicator analysis – down;

- Fibonacci levels – down;

- Volumes – down;

- Candle analysis – up;

- Trend analysis – down;

- Bollinger bands – down;

- Monthly schedule – down.

The conclusion from the comprehensive analysis is the downward movement.

The overall result of the calculation of the GBP/USD candle on the weekly chart: the price of the week is likely to have a downward trend with the presence of the first upper shadow of the weekly black candle (Monday – up) and the absence of the second lower shadow (Friday – down).

In the coming week, the price will move down with the first target - 1.2672 target level of 161.8% (yellow dotted line).