Trend analysis
The price from the level of 1.1981 (closing of the last weekly candlestick) may continue rising this week to be able to test the level of 1.2025 (blue dotted line) – the pullback level of 50.0%. After testing this level, the upward movement may extend towards the next target of 1.2101 (blue dotted line) – the pullback level of 61.8%. Once this is reached, the price may resume its growth to the next level of 1.2196 (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 1.2025 (blue dotted line) – the pullback level of 50.0%. After testing this level, the upward movement may continue to the next target of 1.2101 (blue dotted line) – the pullback level of 61.8%. As soon as it is reached, the price may continue moving up to the level of 1.2196 (blue dotted line) – the pullback level of 61.8%.
Alternatively, the price from the level of 1.1981 (closing of the last weekly candle) may continue to increase so that it can test the level of 1.2025 (blue dotted line) – the pullback level of 50.0%. After that, it may decline to the target of 1.1765 (blue bold line) – the resistance line of the upward channel. Once this line is reached, the price can rise again to the target of 1.1854 (blue dotted line) – the pullback level of 23.6%.
