Trend analysis
The price from the level of 1.2121 (closing of the last weekly candle) may continue to decline this week to the target of 1.1952 – a pullback level of 14.6% (red dotted line). Upon reaching this level, continue to work upwards to the target of 1.2177 (red dashed line) – upper fractal (weekly candle from 11/29/2018).
Fig. 1 (weekly chart)
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - down;
- trend analysis - down;
- Bollinger lines - down;
- monthly chart - down.
A downward movement can be concluded based on the comprehensive analysis.
The overall result of the candlestick calculation on the weekly chart: the price is likely to have a downward trend this week, with no upper shadow in the weekly black candlestick (Monday - down) and no lower shadow (Friday - up).
The first downside target is 1.1952 – a pullback level of 14.6% (red dashed line). After reaching this level, the price can move upwards to the target of 1.2177 (red dashed line) – the upper fractal (weekly candle from 11/29/2018).
An alternative scenario: the price from the level of 1.2121 (closing of the last weekly candle) can decline to the target of 1.1952 – a pullback level of 14.6% (red dotted line). Upon reaching this level, further decline can be expected to the target of 1.1812 – pullback level of 23.6% (red dotted line).
