Trend analysis
The price from the level of 1.1935 (closing of the last weekly candlestick) may continue to rise this week so that it can test the resistance line of 1.1965 (blue bold line). After testing this line, it may further rise to the target of 1.2007 – the pullback level of 38.2% (blue dotted line). Once this pullback level 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 the resistance line of 1.1965 (blue bold line). If this line is tested, the upward movement will extend to the target of 1.2007 – the pullback level of 38.2% (blue dotted line). After reaching it, the continuation of the upward movement can be expected.
Alternatively, the price from the level of 1.1835 (closing of the last weekly candlestick) may continue rising in order to test the resistance line of 1.1965 (blue bold line). After reaching this line, it may decline to the target of 1.1847 – the lower fractal (blue dotted line).
