Trend analysis
This week, the price from the level of 1.1698 (closing of the last weekly candlestick) is expected to further rise to the target of 1.1751 – the pullback level of 14.6% (blue dotted line). After reaching this level, the upward movement will resume to the target of 1.1803 – the pullback level of 23.6% (blue dotted 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 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 1.1751 – the pullback level of 14.6% (blue dotted line). Once this level is reached, it may further rise to the target of 1.1803 – the pullback level of 23.6% (blue dotted line).
As an alternative, the price from the level of 1.1698 (closing of the last weekly candlestick) may continue to decline to test the support line of 1.1671 (white thick line). After reaching this line, it may rise again to the target of 1.1751 – the pullback level of 14.6% (blue dotted line).
