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)
– 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 – www.instaforex.com
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