Trend analysis
This week, the price from the level of 1.3396 (closing of the last weekly candlestick) is expected to move up to the target of 1.3480 – the historical resistance level (blue dotted line). After reaching it, the upward trend may continue to the target of 1.3596 – the pullback level of 38.2% (yellow dotted line), from which it is likely to further increase.
Figure 1 (weekly chart)
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - down
- Candlestick analysis - up
- Trend analysis - up
- Bollinger bands - down
- 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 the first lower shadow (Monday - up) and with the second upper shadow (Friday - down) in the weekly white candlestick.
The price from the level of 1.3396 (closing of the last weekly candlestick) will surge to the target of 1.3480 – the historical resistance level (blue dotted line) this week. Once this level is reached, it may continue rising to the target of 1.3596 – the pullback level of 38.2% (yellow dotted line), from which the upward movement may drag on.
As an alternative, the price from the level of 1.3396 (closing of the last weekly candlestick) will fall to the target of 1.3304 – the pullback level of 76.4% (red dotted line). After reaching this level, it may start rising to the target of 1.3372 – the resistance line (white thick line).
