Trend analysis
The price from the level of 1.3439 (closing of the last weekly candle) is expected to decline this week to the first target of 1.3225 – the pullback level of 14.6% (red dashed line). If this level is reached, it is possible to continue working down to the target of 1.3054 – support line (white thick line).
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 first upper shadow of the weekly black candlestick (Monday - down) and no second lower shadow (Friday - up).
The first downside target is 1.3225 – the pullback level of 14.6% (red dotted line). Upon reaching this level, further decline can be considered to the target of 1.3054 – the pullback level of 23.6% (red dotted line).
An alternative scenario: the price from the level of 1.3439 (closing of the last weekly candle) may decline to the first target of 1.3225 - a pullback level of 14.6% (red dotted line). After reaching this level, it is possible to work upwards to the target of 1.3538 – the upper fractal (red dotted line).
