Trend Analysis (Fig. 1).
On Monday, from the 1.1641 level (Friday's daily candle close), the market may begin moving upward toward 1.1689 – a historical resistance level (blue dotted line). Upon testing this level, the price may start moving downward toward 1.1653 – the 14.6% retracement level (blue dotted line). If this level is reached, the downward movement could continue toward 1.1626 – the 23.6% retracement level (blue dotted line).
Fig. 1 (Daily Chart).
Comprehensive Analysis:
- Indicator analysis – upward
- Fibonacci levels – upward
- Volumes – upward
- Candlestick analysis – upward
- Trend analysis – upward
- Bollinger Bands – upward
- Weekly chart – upward
Overall conclusion: upward trend.
Alternative scenario: from the 1.1641 level (Friday's daily candle close), the price may start moving upward toward 1.1698 – the upper fractal (blue dotted line). Upon reaching this level, the price may then move downward toward 1.1653 – the 14.6% retracement level (blue dotted line).
