Trend analysis (Fig. 1).
The market may move downward from the level of 1.1720 (closing of Friday's daily candle) with the target at 1.1706 - the historical support level (blue dotted line). When testing this level, the price may move upward with the target at 1.1736 - the 23.6% retracement level (yellow dashed line). Upon reaching this level, the price may continue to move up.
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price may move downward from the level of 1.1720 (closing of Friday's daily candle) with the target at 1.1706 - the historical support level (blue dotted line). When testing this level, the price may move upward with the target at 1.1736 - the 23.6% retracement level (yellow dashed line). Upon reaching this level, the price may continue to move up.
Unlikely scenario: from the level of 1.1720 (closing of Friday's daily candle), the price may move downward with the target at 1.1706 - the historical support level (blue dotted line). When testing this level, the price may continue to move down with the target at 1.1683 - the lower fractal (yellow dashed line). Upon reaching this level, an upward pullback is possible.
