Trend analysis
The price from the level of 1.1449 (closing of the last weekly candlestick) may start falling to the target of 1.1387 – the historical support level (blue dotted line) this week. After testing this level, it may continue rising to the target of 1.1558 – the pullback level of 38.2% (blue dotted line).
Figure 1 (weekly chart)
Comprehensive analysis:
- Indicator analysis - down
- Fibonacci levels - down
- Volumes - down
- Candlestick analysis - up
- Trend analysis - up
- Bollinger bands - up
- Monthly chart - up
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 upper shadow (Monday - down) and with the lower shadow (Friday - up) in the weekly black candle.
This week, the price from the level of 1.1449 (closing of the last weekly candlestick) may begin to decline to the target of 1.1387 – the historical support level (blue dotted line) this week. Once this level is tested, the upward movement may resume to the target of 1.1558 – the pullback level of 38.2% (blue dotted line).
Alternatively, the price from the level of 1.1149 (closing of the last weekly candlestick) may continue to rise to reach the resistance line of 1.1524 (blue thick line). After hitting this line, it may fall to the target of 1.1387 – the historical support level (blue dotted line) and continue moving up again after testing it.
