Trend analysis
This week, the price from the level of 1.3785 (closing of the last weekly candle) is expected to increase to the target of 1.3942 (blue dotted line) – the pullback level of 85.4%. After testing this level, it may further rise to the target of 1.4227 (red dotted line) – the 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 will most likely move in an upward trend, without the first lower shadow (Monday - up) and with the second upper shadow (Friday - down) in the weekly white candlestick.
The first upward target is set at 1.3942 (blue dotted line) – the pullback level of 85.4%. Once this level is tested, the upward movement may resume to the target of 1.4227 (red dotted line) – the upper fractal.
As an alternative, the price from the level of 1.3785 (closing of the last weekly candle) may decline to the target of 1.3561 (red dotted line) – the pullback level of 23.6%. After that, it can further fall to the target of 1.3511 (blue dotted line) – the historical resistance level.
