Trend analysis (fig. 1).
On Monday, the pair is expected to move from 1.3181 (Friday's candlestick closing price) towards 1.3110, which corresponds with the Fibonacci retracement level of 61.8% (yellow dotted line). Upon testing this level, the price may head towards the target of 1.3150, which comes in line with the 23.6% Fibonacci retracement level (blue dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis – downwards; - Fibonacci levels – downwards; - Volume analysis – downwards; - Candlestick analysis – downwards; - Trend analysis – downwards; - Bollinger Bands – downwards; - Weekly chart – downwards.
Conclusion:
Today, the pair is expected to decline from 1.3181 (Friday's candlestick closing price) towards 1.3110, which corresponds with the Fibonacci retracement level of 61.8% (yellow dotted line). Upon testing this level, the price may head towards the target of 1.3150, which comes in line with the 23.6% Fibonacci retracement level (blue dotted line).
Alternative scenario: the price may continue to fall from 1.3181 (Friday's candlestick closing price) towards the level of 1.3110, which is the 61.8% Fibonacci retracement level (yellow dotted line). Then, the quote may keep moving lower to 1.3069, which corresponds with the 76.4% Fibonacci retracement (yellow dotted line). The price is set to continue rising after reaching this level.
