Trend analysis
The price from the level of 1.1903 (closing of the last weekly candle) is expected to continue declining to the historical support level of 1.1777 (blue dotted line) this week. After reaching this level, the downward movement may resume towards a target of 1.1693 (red dotted line) – a pullback level of 38.2%.
Figure 1 (weekly chart)
Comprehensive analysis:
- Indicator analysis - down
- Fibonacci levels - down
- Volumes - down
- Candlestick analysis - up
- Trend analysis - down
- Bollinger lines - down
- Monthly chart - down
A downward 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 a downward trend, both without an upper shadow (Monday - down) and lower shadow (Friday - down) in the weekly black candlestick.
The first downward target is set at the historical support level of 1.1777 (blue dotted line). Once this level is reached, the downward trend will most likely extend to the target of 1.1693 (red dotted line) – a pullback level of 38.2%.
Alternatively, the price may increase from the level of 1.1903 (closing of the last weekly candle) to the target of 1.1977 (black thin line) – 21 average EMA. After reaching this level, it may further rise to the target of 1.2102 (blue dotted line) – a pullback level of 76.4%.
