Trend analysis
This month, the price from the level of 1.3443 (closing of the January monthly candlestick) is expected to rise to the target of 1.3742 – the historical resistance level (blue dotted line). Once this level is reached, it may further surge to the target of 1.3821 – the resistance line (black thick line), and move higher to the next upper target of 1.3940 – the pullback level of 85.4% (red dotted line).
Fig. 1 (monthly chart)
Indicator analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger bands - up
An upward movement can be concluded based on a comprehensive analysis.
The overall result of the candlestick calculation based on the monthly chart: the price will most likely move in an upward trend, both without the first lower shadow (the first week of the month is white) and without the second upper shadow (the last week is white) in the monthly white candlestick.
The price from the level of 1.3443 (closing of the January monthly candlestick) will move up to the target of 1.3742 – the historical resistance level (blue dotted line) this month. After reaching it, growth may resume to the target of 1.3821 – the resistance line (black thick line), and the price may rise higher to the next upper target of 1.3940 – the pullback level of 85.4% (red dotted line).
As an alternative, the price from the level of 1.3443 (closing of the January monthly candlestick) may fall to the target of 1.3271 – the support line (white thick line). After testing this line, an upward movement is likely.
