Trend analysis
This month, the price is expected to rise from the level of 1.3687 (closing of the October monthly candlestick) to the target of 1.3940 – the pullback level of 85.4% (red dotted line). If this level is tested, the upward movement may resume to the next upward target of 1.4230 – the historical resistance level (blue 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 white) in the monthly white candlestick and the absence of the second upper shadow (the last week is white).
General scenario: the price from the level of 1.3687 (closing of the October monthly candle) will surge to the target of 1.3940 – the pullback level of 85.4% (red dotted line). After testing this level, it may further grow to the next upward target of 1.4230 – the historical resistance level (blue dotted line).
Alternatively, it is also possible for the price to decline from the level of 1.3687 (closing of the October monthly candle) to the target of 1.3571 – the support line of the upward trend (red bold line). After testing this line, upward movement may occur.
