Trend Analysis (Fig. 1)
On Monday, from the 1.1745 level (Friday's daily candle close), the market may begin moving upward, targeting 1.1794 – the 23.6% retracement level (blue dashed line). Upon reaching this level, a possible downward movement may follow, targeting 1.1779 – the upper fractal (red dashed line).
Fig. 1 (daily chart).
Comprehensive Analysis:
- Indicator analysis – upward;
- Fibonacci levels – upward;
- Volume – upward;
- Candlestick analysis – upward;
- Trend analysis – upward;
- Bollinger Bands – upward;
- Weekly chart – upward.
Overall conclusion: upward trend.
Alternative scenario:From the 1.1745 level (Friday's daily candle close), the price may continue to move downward, targeting 1.1717 – the 38.2% retracement level (blue dashed line). Upon reaching this level, a possible corrective upward move may occur, targeting 1.1762 – the 85.4% retracement level (red dashed line).
