Trend analysis
The price from the level of 1.1793 (closing of the last weekly candle) is likely to start rising this week, with the target of 1.1950 (black thin line) – 21 EMAs. After testing this line, the upward movement may continue to the support line of 1.2043 (red bold line). Once this level is tested, the price may further increase to the target of 1.2102 (blue dashed line) – the pullback level of 76.4%.
Figure 1 (weekly chart)
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - neutral
- 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 an upward trend, without the lower shadow (Monday - up) and with an upper shadow (Friday - down) in the weekly white candlestick.
The first upward target is set at 1.1950 (black thin line) – middle 21 EMA. After testing this line, the price may further increase to the support line of 1.2043 (red bold line). Once this level is reached, the upward trend may extend towards the target of 1.2102 (blue dashed line) – the pullback level of 76.4%.
Alternatively, the price may decline from the level of 1.1793 (closing of the last weekly candle) to the target of 1.1693 (red dotted line) – a pullback level of 38.2%. After that, it may rise again to the target set at 1.1821 (blue dotted line) – a pullback level of 61.8%.
