Trend analysis (Fig. 1).
The market may move up on Monday from the level of 1.3308 (opening the market with a downward gap) to the target level of 1.3412, the 38.2% retracement level (blue dotted line). When testing this level, the upward movement may continue to the target level of 1.3458, the 50.0% retracement level (blue dotted line). Upon reaching this level, the price may continue to move upward to the target level of 1.3500, the 61.8% retracement level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion:
The price may move up from the level of 1.3308 (opening the market with a downward gap) to the target level of 1.3412, the 38.2% retracement level (blue dotted line). When testing this level, the upward movement may continue to the target level of 1.3458, the 50.0% retracement level (blue dotted line). Upon reaching this level, the price may continue to move upward to the target level of 1.3500, the 61.8% retracement level (blue dotted line).
Unlikely scenario: from the level of 1.3308 (opening the market with a downward gap), the price may start moving up to the target level of 1.3394, the resistance line (thick white line). From this level, the price may move down to the target level of 1.3304, the 74.6% retracement level (yellow dotted line). Upon reaching this level, the price may move up.
