Trend analysis (Fig. 1).
The market may move down on Monday from the level of 1.1384 (closing of Friday's daily candle) to the target level of 1.1339, the 23.6% retracement level (red dotted line). When testing this level, the price may move upward to the target level of 1.1439, the 50.0% retracement level (blue dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
The price may move down from the level of 1.1384 (closing of Friday's daily candle) to the target level of 1.1339, the 23.6% retracement level (red dotted line). When testing this level, the price may move upward to the target level of 1.1439, the 50.0% retracement level (blue dotted line).
Alternative scenario: from the level of 1.1384 (closing of Friday's daily candle), the price may start moving down to the target level of 1.1339, the 23.6% retracement level (red dotted line). When testing this level, the price may continue to move down to the target level of 1.1309, the 38.2% retracement level (red dotted line). When testing this level, the price may start moving up.
