Trend analysis (Fig. 1).
On Monday the market from the closing level of Friday's daily candle 1.1316 may start a downward movement with the target of 1.1253, the target level of 261.8% (red dotted line). On testing this level, the price may start an up move with the target of 1.1305, a pullback level of 23.6% (blue dotted line). On reaching this level, the upside move with a target of 1.1378, a 38.2% pullback level (blue dotted line) is possible.
Figure 1 (daily chart).
Complex analysis:
- indicator analysis - downwards;
- Fibonacci levels - down;
- volumes - down;
- candlestick analysis - down;
- trend analysis - up;
- Bollinger bands - down;
- weekly chart - down.
Conclusion:
Today the price from 1.1316 may start moving downwards with the target 1.1253, the target level of 261.8% (red dotted line). On testing this level, the price may start an up move with the target 1.1305, a pullback level of 23.6% (blue dotted line). On reaching this level, the upper move with a target of 1.1378, the pullback level of 38.2% (blue dotted line), is possible.
Unlikely scenario: the price from the closing level of Friday's daily candle 1.1316 may continue upwards with the target 1.1378, a pullback level of 38.2% (blue dotted line).
If this level is tested, a lower move is possible with a target of 1.1329, 13 EMA (yellow thin line).
