Trend analysis
The price from the level of 1.2135 (closing of the last weekly candle) may start rising this week to the level of 1.2274 (blue dashed line) – pullback level of 85.4%. Once this level is reached, the upward movement can possibly continue to the target of 1.2349 (red dotted line) – upper fractal.
Figure 1 (weekly chart)
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger lines - up
- Monthly chart - up
An upward movement can be concluded based on comprehensive analysis.
The overall result of the candlestick calculation based on the weekly chart: the price is likely to have an upward trend this week, without a lower shadow in the weekly white candlestick (Monday - up) and with an upper shadow (Friday - down).
The first upper target is 1.2274 (blue dotted line) – pullback level of 85.4%. After reaching this level, the upward movement is likely to continue towards the target of 1.2349 - the upper fractal (red dotted line).
An alternative scenario: the price can decline from the level of 1.2135 (closing of the last weekly candle), with the target of 1.1992 (blue bold line) – support line. Upon reaching this level, the upward movement can continue.
