Trend analysis
The price from the level of 1.1560 (closing of the last weekly candle) is likely to continue to rise this week to the target of 1.1636 – the pullback level of 14.6% (blue dotted line). If this level is broken upward, it may further rise to the target of 1.1702 – 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, both with a lower shadow (Monday - down) and with an upper shadow (Friday - down) in the weekly white candlestick.
This week, the price from the level of 1.1560 (closing of the last weekly candle) will probably continue to increase to the target of 1.1636 – the pullback level of 14.6% (blue dotted line). Upon breaking through this level up, the upward trend may resume to the target of 1.1702 – the pullback level of 23.6% (blue dotted line).
Alternatively, the price from the level of 1.1560 (closing of the last weekly candle) may continue to decline in order to test the support line of 1.1502 (red bold line). After reaching it, it may rise again to the target of 1.1613 - the historical resistance level (blue dotted line).
