Trend analysis
The price from the level of 1.1913 (closing of the last weekly candle) may continue rising this week to be able to test the level of 1.1949 (blue dotted line) – the pullback level of 38.2%. After testing this level, the upward movement may continue towards the next target of 1.2025 (blue dotted line) – the pullback level of 50.0%. Once this is reached, the price may resume its growth to the next target of 1.2101 (blue dotted line) – the pullback level of 61.8%.
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, both without a lower shadow (Monday - up) and an upper shadow (Friday - up) in the weekly white candlestick.
The first upward target is set at 1.1949 (blue dotted line) – the pullback level of 38.2%. After testing this level, the upward trend will extend to the level of 1.2025 (blue dotted line) – the pullback level of 50.0%. After reaching it, the price may continue rising to the next target of 1.2101 (blue dotted line) – the pullback level of 61.8%.
As an alternative, the price from the level of 1.1913 (closing of the last weekly candle) may continue its growth so that it can test the level of 1.1949 (blue dotted line) – the pullback level of 38.2%. After reaching this level, it may decline to the target of 1.1745 (blue bold line) – the resistance line of the upward channel and then move upwards again to the target of 1.1798 (blue dotted line) – the pullback level of 14.6%.
