Trend Analysis (Fig. 1)
On Monday, from the level of 1.1598 (Friday's daily candle close), the market may begin moving downward toward 1.1556 — the historical support level (blue dashed line). When testing this level, the price may start moving upward toward 1.1575 — the 23.6% retracement level (yellow dashed line).
Fig. 1 (Daily Chart).
Comprehensive Analysis:
- Indicator analysis — downward
- Fibonacci levels — downward
- Volume — downward
- Candlestick analysis — downward
- Trend analysis — downward
- Bollinger Bands — downward
- Weekly chart — downward
Overall conclusion: a downward trend.
Alternative Scenario:
From the level of 1.1598 (Friday's daily candle close), the price may begin moving downward toward 1.1575 — the 23.6% retracement level (yellow dashed line). Upon reaching this level, further upward movement is possible toward 1.1592 — the 61.8% retracement level (blue dashed line).
