The market has an ascending channel from January 2017, until the price has not closed below the support line 1.1619 (white thick line). According to the traditional approach, touching the price for the third time of the support line gives the probability of the upper work by 70%.
Trend analysis (Figure 1).
In May, the price moved down but after testing the support line (white thick line), it went up. In June, it is possible to re-test the support line but the downward breakdown is unlikely. When moving upward, the first target is the retraceable level of 23.6% at 1.1756 (blue dotted line).
Fig. 2 (monthly chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- volumes - upwards;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger lines - up;
Conclusion on complex analysis is possibly upward.
The total result in calculating the candle of the EUR / USD currency pair on a monthly chart: the price will most likely have an upward trend with the presence of the first lower shadow (the first week of the month - the lower one) of the monthly white candle and the presence of the second upper shadow (last week is black).
The first upper target is 1.1756 with the recoil level of 23.6% (blue dotted line).
