Trend analysis
The upward movement may continue with the first target of 1.1923 – the pullback level of 38.2% (yellow dotted line) in September. If this line is broken upwards, the price can further rise towards the next upper target of 1.2005 – the pullback level of 50.0% (yellow dotted line). After reaching this level, the upward movement may extend to the target of 1.2085 – the pullback level of 61.8% (yellow dotted line).
Figure 1 (monthly chart)
Indicator analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger lines - up
An upward movement can be concluded based on a comprehensive analysis.
The overall result of the candlestick calculation based on the monthly chart: the price will most likely move in an upward trend, without the first lower shadow (the first week of the month is the upper) and with a second upper shadow (the previous week is black) in the monthly white candlestick.
General scenario: the price from the level of 1.1808 (closing of the August monthly candlestick) is expected to rise to the target of 1.1923 – the pullback level of 38.2% (yellow dotted line). Once it is broken upwards, the next upward target of 1.2005 – the pullback level of 50.0% (yellow dotted line) will be considered. After this level is reached, the price may continue its growth to the target of 1.2085 – the pullback level of 61.8% (yellow dotted line).
Alternative scenario: the price may decline from the level of 1.1808 (closing of the August monthly candlestick) to the target of 1.1746 – 21 average EMA (black thin line). After testing this line, the upward movement will resume towards the target of 1.1814 – the historical resistance level (blue dotted line), and then higher.
