Trend analysis (Fig. 1).
On Monday, the market from the level of 1.3878 (closing of last Friday's daily candlestick) may continue to move upward with the target of 1.3947 - the 50.0% retracement level (blue dotted line). After testing this level, it is possible to continue working upward with the target of 1.4013 - the 61.8% retracement level (blue dashed line). And upon reaching this line, it is likely to work upwards with the target of 1.4043 - the upper border of the Bollinger line indicator (black dashed 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 1.3878 (closing of last Friday's daily candlestick) may continue to move upward with the target of 1.3947 - the 50.0% retracement level (blue dashed line). After testing this level, it is possible to continue working upward with the target of 1.4013 - the 61.8% retracement level (blue dashed line). And upon reaching this line, it is likely to work upwards with the target of 1.4043 - the upper border of the Bollinger line indicator (black dashed line).
Unlikely scenario: from the level of 1.3878 (closing of last Friday's daily candlestick), the price will continue to move upward with the target of 1.3947 - the 50% retracement level (blue dashed line). After testing this level, the price may start moving down with the target at 1.3816 - the 14.6% retracement level (red dotted line). And upon testing this level, it is possible to continue working upwards with the target of 1.3882 - the 38.2% retracement level (blue dashed line).
