FX.co ★ Technical analysis for EUR/USD pair for the week of February 1-5, 2021

Trend analysis

The price from the level of 1.2135 (closing of the last weekly candle) may start rising this week to the level of 1.2274 (blue dashed line) – pullback level of 85.4%. Once this level is reached, the upward movement can possibly continue to the target of 1.2349 (red dotted line) – upper fractal.

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - up
• Monthly chart - up

An upward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price is likely to have an upward trend this week, without a lower shadow in the weekly white candlestick (Monday - up) and with an upper shadow (Friday - down).

The first upper target is 1.2274 (blue dotted line) – pullback level of 85.4%. After reaching this level, the upward movement is likely to continue towards the target of 1.2349 - the upper fractal (red dotted line).

An alternative scenario: the price can decline from the level of 1.2135 (closing of the last weekly candle), with the target of 1.1992 (blue bold line) – support line. Upon reaching this level, the upward movement can continue.