Trend analysis (Fig. 1).
On Monday, the market from the level of 1.1981 (the closing of last Friday's daily candlestick) is likely to move upward and try to break through the upper fractal, 1.1987 (red dotted line), once again. If this level is tested, the price may continue to move upward, with the target of 1.2075 - the historical resistance level (blue dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price from the level of 1.1981 (the closing of last Friday's daily candlestick) is likely to move upward and try to break through the upper fractal - 1.1987 (red dotted line). If this level is tested, the price may continue to move upward, with the target of 1.2075 - the historical resistance level (blue dotted line).
Alternative scenario: the price from the level of 1.1981 (the closing of last Friday's daily candlestick) may move downward and test the 23.6% retracement level, 1.1924 (red dotted line). If this level is tested, the price may continue to move down to the target set at 1.1881 - the 38.2% retracement level (red dotted line). From this level, it is possible to move upwards.
