Trend analysis (Fig. 1).
The market may move down on Monday from the level of 1.3556 (close of Friday's daily candle) to the target level of 1.3499, the 50% retracement level (red dotted line). When testing this level, the price may start to move upward to the target level of 1.3642, the upper fractal (red dotted line). Upon reaching this level, the upward movement may continue to the target level of 1.3677, the 76.4% retracement level (yellow dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion:
The price may move down from the level of 1.3556 (close of Friday's daily candle) to the target level of 1.3499, the 50% retracement level (red dotted line). When testing this level, the price may start to move upward to the target level of 1.3642, the upper fractal (red dotted line). Upon reaching this level, the upward movement may continue to the target level of 1.3677, the 76.4% retracement level (yellow dotted line).
Unlikely scenario: from the level of 1.3556 (close of Friday's daily candle), the price may move down to the target level of 1.3481, the historical resistance level (blue dotted line). Upon reaching this level, the price may start to move up.
