Trend analysis.
This week, the price from the level of 1.3540 (closing of the last weekly candle) is expected to decline to the target of 1.3458 – the pullback level of 23.6% (red dotted line). After reaching this level, it may resume its growth to the target of 1.3596 – the pullback level of 38.2% (yellow dotted line).
Fig 1 (weekly chart)
Comprehensive analysis:
- Indicator analysis - down
- Fibonacci levels - down
- Volumes - down
- Candlestick analysis - down
- Trend analysis - up
- Bollinger lines - down
- Monthly chart - down
A downward 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 a downward trend without the first upper shadow (Monday - down) and with the second lower shadow (Friday - up) in the weekly black candlestick.
The price from the level of 1.3540 (closing of the last weekly candle) will fall to the target of 1.3458 – the pullback level of 23.6% (red dotted line) this week. After reaching it, it may increase again to the target of 1.3596 – the pullback level of 38.2% (yellow dotted line).
As an alternative, the price from the level of 1.3540 (closing of the last weekly candle) will move down to the target of 1.3458 – the pullback level of 23.6% (red dotted line). Once this level is reached, it may further fall to the target of 1.3403 – the pullback level of 38.2% (red dotted line) and only then it can surge again.
