Trend analysis

The price from the level of 1.3439 (closing of the last weekly candle) is expected to decline this week to the first target of 1.3225 – the pullback level of 14.6% (red dashed line). If this level is reached, it is possible to continue working down to the target of 1.3054 – support line (white thick line).


Fig. 1 (weekly chart)

Comprehensive analysis:

– 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 first upper shadow of the weekly black candlestick (Monday – down) and no second lower shadow (Friday – up).

The first downside target is 1.3225 – the pullback level of 14.6% (red dotted line). Upon reaching this level, further decline can be considered to the target of 1.3054 – the pullback level of 23.6% (red dotted line).

An alternative scenario: the price from the level of 1.3439 (closing of the last weekly candle) may decline to the first target of 1.3225 – a pullback level of 14.6% (red dotted line). After reaching this level, it is possible to work upwards to the target of 1.3538 – the upper fractal (red dotted line).

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.