Trend analysis
The price from the level of 1.1864 (closing of the last weekly candlestick) may start rising this week, with the target of 1.1914 – the pullback level of 23.6% (blue dotted line). After testing this level, it may further increase to the target of 1.1978 – the resistance line (blue bold line). Once this line 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 1.1914 – the pullback level of 23.6% (blue dotted line). After this level is tested, the upward movement will extend to the target of 1.1978 – the resistance line (blue bold line). After reaching it, the continuation of the upward movement can be expected.
Alternatively, the price from the level of 1.1864 (closing of the last weekly candle) may continue to decline in order to test the lower fractal of 1.1807 (blue dotted line). After reaching this line, it can rise to the target of 1.1873 – the pullback level of 14.6% (blue dotted line).
