The price from the level of 1.1914 (closing of the last weekly candle) is expected to start rising to the level of 1.2101 (blue dashed line) – a pullback level of 76.4%. After reaching this level, it may continue its growth towards the target of 1.2274 (blue dotted line) – a pullback level of 85.4%.
Figure 1 (weekly chart)
- Indicator analysis – up
- Fibonacci levels – up
- Volumes – up
- Candlestick analysis – up
- Trend analysis – up
- Bollinger lines – up
- Monthly chart – up
An upward movement can be concluded based on comprehensive analysis.
The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend, without a lower shadow (Monday – up) and with an upper shadow (Friday – down) in the weekly white candlestick.
The first upward target is set at the level of 1.2101 (blue dashed line) – a pullback level of 76.4%. Once this is reached, the upward trend may likely extend to the target of 1.2274 (blue dotted line) – a pullback level of 85.4%.
Alternatively, the price may decline from the level of 1.1914 (closing of the last weekly candle) to the target set at 1.1777 (blue dotted line) – the historical support level. After reaching it, the downward movement may continue to the target of 1.1694 (red dotted line) – a pullback level of 38.2%. The material has been provided by InstaForex Company – www.instaforex.com
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