On Monday, the release of strong calendar news is not expected, and the market will work based on the technical analysis.
Trend analysis (Figure 1).
On Friday, the price moved in the side of the channel which is already expected. On Monday, an upward movement is possible. The first target is 1.2064 with the recoil level of 23.6% (red dotted line). A complex analysis will more accurately determine where the price will go next.
Fig. 2 (daily chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- volumes - upwards;
- candlestick analysis - up;
- trend analysis - down;
- Bollinger lines - up;
- Weekly schedule - down.
General conclusion.
On Monday, it is possible to start the upward rollback with the first target of 1.2064 and the pullback level of 23.6% (red dotted line).
