Trend analysis
The price from the level of 1.1644 (closing of the last weekly candle) will possibly rise this week to the target of 1.1702 – the pullback level of 23.6% (blue dashed line). In the event that this level is broken up, the upward movement may continue to the target of 1.1758 – the resistance line (white thick 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, both without a lower shadow (Monday - up) without an upper shadow (Friday - up) in the weekly white candlestick.
This week, the price from the level of 1.1644 (closing of the last weekly candle) will likely move up to the target at 1.1702 – the pullback level of 23.6% (blue dashed line). Given that this level is broken up, it may continue its growth to the target of 1.1758 – the resistance line (white thick line).
Alternatively, the price from the level of 1.1644 (closing of the last weekly candle) may continue to increase to be able to test the level of 1.1702 – the pullback level of 23.6% (blue dotted line). After this level is reached, it may decline to the target of 1.1614 - the historical support level (blue dotted line), and then continue the upward movement again.
