Trend analysis
The price from the level of 1.1862 (closing of the last weekly candlestick) may start rising so that it can test the resistance line of 1.1945 (blue bold line). After testing this line, it may further rise to the target of 1.2018 – 21 average EMA (black thin line). Once the middle line of the 21st EMA is reached, the upward movement will continue.
Figure 1 (weekly chart)
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger lines - down
- Monthly chart - down
An upward movement can be concluded based on a comprehensive analysis.
The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend without a lower shadow (Monday - up) and with an upper shadow (Friday - down) in the weekly white candlestick.
The first upward target is set at 1.1945 – the resistance line (blue bold line). After testing this line, the upward movement may extend to the target of 1.2018 – 21 average EMA (black thin line). Once the price reaches the mid-line of the 21 EMA, the upward movement will resume.
Alternatively, the price from the level of 1.1862 (closing of the last weekly candlestick) may start rising in order to test the resistance line of 1.1945 (blue bold line). After reaching it, the downward movement is likely to continue with the target of 1.1777 – the historical support level (blue dotted line).
