Trend analysis
The price from the level of 1.3620 (closing of the last weekly candlestick) may rise to the target of 1.3674 this week – the pullback level of 14.6% (yellow dotted line). After reaching this line, it is likely to continue its growth to the target of 1.3734 – the pullback level of 23.6% (yellow dotted line).
Comprehensive analysis:
Figure 1 (weekly chart)
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger lines - up
- 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, both with the first lower shadow (Monday - up) and with the second upper shadow (Friday - down) in the weekly white candlestick.
The price from the level of 1.3620 (closing of the last weekly candlestick) is expected to rise to the target of 1.3674 – the pullback level of 14.6% (yellow dotted line). Once this line is reached, the upward movement may extend to the target of 1.3734 – the pullback level of 23.6% (yellow dotted line).
Alternatively, the price from the level of 1.3620 (closing of the last weekly candlestick) may fall to the target of 1.3511 - the historical support level (blue dotted line). After testing this level, it may move up to the target of 1.3674 – the pullback level of 14.6% (yellow dotted line).
