Trend analysis
This week, the price from the level of 1.3989 (closing of the last weekly candle) is expected to rise to the target of 1.4142 – the pullback level of 85.4% (yellow dotted line). After reaching this line, it may move higher towards the next target of 1.4227 – the upper fractal (yellow dashed line). If this level is tested, the upward movement may extend to the target of 1.4581 – the resistance line (white thick line).
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 the first lower shadow (Monday - up) and without the second upper shadow (Friday - up) in the weekly white candlestick.
The price from the level of 1.3989 (closing of the last weekly candle) will increase to the target of 1.4142 – the pullback level of 85.4% (yellow dotted line). After reaching this line, it may continue rising to the target of 1.4227 – the upper fractal (yellow dashed line). If this level is tested, growth may resume to the target of 1.4581 – the resistance line (white thick line).
As an alternative, the price from the level of 1.3989 (closing of the last weekly candle) will move up to the target of 1.4091 – the pullback level of 76.4% (yellow dotted line). After testing this line, it may decline to the target of 1.3817 – the pullback level of 14.6% (red dotted line), and only then is it possible to rise.
