Trend analysis
The price from the level of 1.1280 (closing of the last weekly candle) may begin to rise this week to the target of 1.1305 – the historical resistance level (blue dotted line). If this level is broken upward, it may further grow to the target of 1.1397 – the pullback level of 14.6% (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 without a lower shadow (Monday - up) and with an upper shadow (Friday - down) in the weekly white candlestick.
This week, the price from the level of 1.1280 (closing of the last weekly candle) may start increasing to the target of 1.1305 – the historical resistance level (blue dotted line). In case that this level is broken upward, the upward trend may resume to the target of 1.1397 – the pullback level of 14.6% (blue dotted line).
Alternatively, the price from the level of 1.1280 (closing of the last weekly candle) may continue to fall to be able to test the historical support level of 1.1174 (blue dotted line). After reaching this level, it may move up to the target of 1.1240 – the resistance line (white thick line).
