Trend analysis (Fig. 1).
On Monday, the market from the level of 1.1699 (Friday's daily candle close) may continue upward with the target at 1.1734 – the 8-period EMA (thin blue line). When testing this line, a move downward is possible with the target at 1.1685 – the 14.6% pullback level (red dotted line). Upon reaching this level, a further move upward is possible with the target at 1.1689 – the historical resistance level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger Bands – down;
- Weekly chart – down.
General conclusion: downward trend.
Alternative scenario: from the level of 1.1699 (Friday's daily candle close), the price may start a move downward with the target at 1.1655 – the 50% pullback level (blue dotted line). Upon reaching this level, an upward move is possible with the target at 1.1685 – the 14.6% pullback level (red dotted line).
