Trend Analysis (Fig. 1)
On Monday, from the level of 1.1621 (the closing price of Friday's daily candle), the market may begin moving downward toward 1.1593 — the 61.8% retracement level (blue dashed line). Upon reaching this level, the price may move upward toward 1.1608 — the historical resistance level (light blue dashed line).
Figure 1: Daily Chart
Comprehensive Analysis
- Indicator analysis – downward;
- Fibonacci levels – downward;
- Volumes – downward;
- Candlestick analysis – downward;
- Trend analysis – upward;
- Bollinger Bands – downward;
- Weekly chart – downward.
Overall conclusion: downward trend.
Alternative Scenario
From the level of 1.1621 (closing price of Friday's daily candle), the price may begin moving downward toward 1.1556 — the historical support level (light blue dashed line). Upon reaching this level, the price may start to rise toward 1.1593 — the 61.8% retracement level (blue dashed line).
