FX.co ★ Technical analysis of EUR/USD for May 30 to June 4

trend analysis

EUR/USD will attempt to move down this week, from 1.0734 (closing of the last weekly candle) to 1.0665, the 23.6% retracement level (yellow dotted line). Then, it will bounce and move up again.

Fig. 1 (weekly chart)

comprehensive analysis:

Indicator analysis - downtrend

Fibonacci levels - downtrend

volumes - downtrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All this points to a downward movement in EUR/USD.

Conclusion: The pair will have a downward trend, with no first upper shadow on the weekly black candle (Monday - down) and a second lower shadow (Friday - up).

And during the week, the price will decline from 1.0734 (closing of the last weekly candle) to the 23.6% retracement level at 1.0665 (yellow dotted line), then bounce up.

Alternatively, the quote could attempt to move down from 1.0734 (closing of the last weekly candle) to the 14.6% retracement level at 1.0703 (yellow dotted line), then bounce up.