Trend analysis:

EUR/USD may decrease in February, starting from 1.0862 (closing of the January monthly candle) to 1.0727, which is the 14.6% retracement level (yellow dotted line). Upon testing this price, it will go to the historical resistance level of 1.1104 (blue dotted line).

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - downtrend

Fibonacci levels - downtrend

Volumes - downtrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - downtrend

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

Conclusion: The pair will have a bearish trend, with no first upper shadow (the first week of the month is black) and a second lower shadow (the last week is white).

Throughout the month, quotes will fall from 1.0862 (closing of the January monthly candle) to the 14.6% retracement level at 1.0727 (yellow dotted line), and then bounce up to the historical resistance level of 1.1104 (blue dotted line).

Alternatively, the pair could dip from 1.0862 (closing of the January monthly candle) to the 23.6% retracement level at 1.0599 (yellow dashed line), then rise to the 21 EMA at 1.0941 (black thin line).