The price from the level of 1.2121 (closing of the last weekly candle) may continue to decline this week to the target of 1.1952 – a pullback level of 14.6% (red dotted line). Upon reaching this level, continue to work upwards to the target of 1.2177 (red dashed line) – upper fractal (weekly candle from 11/29/2018).
Fig. 1 (weekly chart)
– indicator analysis – down;
– Fibonacci levels – down;
– volumes – down;
– candlestick analysis – down;
– trend analysis – down;
– Bollinger lines – down;
– monthly chart – down.
A downward movement can be concluded based on the comprehensive analysis.
The overall result of the candlestick calculation on the weekly chart: the price is likely to have a downward trend this week, with no upper shadow in the weekly black candlestick (Monday – down) and no lower shadow (Friday – up).
The first downside target is 1.1952 – a pullback level of 14.6% (red dashed line). After reaching this level, the price can move upwards to the target of 1.2177 (red dashed line) – the upper fractal (weekly candle from 02/11/2018) .
An alternative scenario: the price from the level of 1.2121 (closing of the last weekly candle) can decline to the target of 1.1952 – a pullback level of 14.6% (red dotted line). Upon reaching this level, further decline can be expected to the target of 1.1812 – pullback level of 23.6% (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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