Trend analysis
The price from the level of 1.2018 (closing of the last weekly candle) is likely to decline in order to test the level of 1.1978 (yellow dotted line) – the pullback level of 38.2%. After this level is tested, the upward movement may resume towards the next target of 1.2026 (blue dotted line) – the pullback level of 50.0%. Once it is reached, the price may further rise to the level of 1.2102 (blue dotted line) – the pullback level of 61.8%. The next upward target is set at 1.2149 (yellow dotted line) – the upper fractal.
Figure 1 (weekly chart)
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - down
- 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, with a lower shadow (Monday - down) and without an upper shadow (Friday - up) in the weekly white candlestick.
General scenario: the price will decline and test the level of 1.1978 (yellow dotted line) – the pullback level of 38.2%. After testing this level, it may move up to the target of 1.2026 (blue dotted line) – the pullback level of 50.0% and then continue growth towards the next target of 1.2102 (blue dotted line) – the pullback level of 61.8%. After reaching this level, the upward movement may extend to the level of 1.2149 (yellow dotted line) – the upper fractal.
Alternatively, the price from the level of 1.2018 (closing of the last weekly candle) may start declining to be able to test the level of 1.1978 (yellow dotted line) – the pullback level of 38.2%. After reaching this level, it may further decline to the target of 1.1926 (yellow dotted line) – the pullback level of 50.0%. Once this level is tested, the upward movement may continue.
