Trend analysis (Fig. 1).
The market may move up on Monday from the level of 1.1132 (opening the market with a downward gap) to the target level of 1.1195, the 23.6% retracement level (blue dotted line). When testing this level, a downward movement is likely to the target level of 1.1161, the 14.6% retracement level (blue dotted line). Upon reaching this level, the price may start moving upwards to the target level of 1.1250, the 38.2% retracement level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger bands - down;
- Weekly chart - down.
General conclusion:
The price may move up from the level of 1.1132 (opening the market with a downward gap) to the target level of 1.1195, the 23.6% retracement level (blue dotted line). When testing this level, a downward movement is likely to the target level of 1.1161, the 14.6% retracement level (blue dotted line). Upon reaching this level, the price may start moving upwards to the target level of 1.1250, the 38.2% retracement level (blue dotted line).
Alternative scenario: from the level of 1.1132 (opening the market with a downward gap) the price may start to move up to the target level of 1.1195, the 23.6% retracement level (blue dotted line). When testing this level, the price may start moving downward to the target level of 1.1161, the 14.6% retracement level (blue dotted line). Upon reaching this level, the downward movement may continue to the target level of 1.1106, the lower fractal (blue dotted line), and then up.
