Trend analysis
This week, the price from the level of 1.3845 (closing of the last weekly candle) is expected to move up to the target of 1.3940 (blue dotted line) – the pullback level of 85.4%. After this level is tested, the upward movement can resume to the target of 1.4156 (black dotted line) – upper border of the Bollinger line indicator.
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 will most likely move in the upward trend this week, both without the first lower shadow (Monday - up) and second upper shadow (Friday - up) in the weekly white candlestick.
The first upper target is set at 1.3940 (blue dotted line) – pullback level of 85.4%. After testing this level, the price may continue upwards to the target of 1.4156 (black dotted line) – the upper border of the Bollinger line indicator.
Alternatively, the price from the level of 1.3845 (closing of the last weekly candle) may rise to the target of 1.3941 (blue dotted line) – a pullback level of 85.4%. If this level is broken, it may move in a downward trend to the target of 1.3568 (white bold line) – the support line of the ascending channel.
