Trend analysis (Fig. 1).
The market may move up on Monday from the level of 1.1415 (closing of Friday's daily candle) to the target level of 1.1473, a 50% retracement level (red dotted line). When testing this level, the price may continue to move up to the target level of 1.1483, the historical resistance level (blue dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger bands - down;
- Weekly chart - up.
General conclusion:
The price may move up from the level of 1.1415 (closing of Friday's daily candle) to the target level of 1.1473, the 50% retracement level (red dotted line). When testing this level, the price may continue to move up to the target level of 1.1483, the historical resistance level (blue dotted line).
Alternative scenario: from the level of 1.1415 (closing of Friday's daily candle), the price may move down to the target level of 1.1368, the 38.2% retracement level (blue dotted line). When testing this level, the price may continue to move up to the target level of 1.1415, the resistance level (thick blue line). Further upward movement is possible upon testing this level.
