The price from the level of 1.1951 (closing of the last weekly candle) is expected to continue rising this week to the level of 1.2101 (blue dotted 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, both with a lower shadow (Monday – down) and an upper shadow (Friday – down) in the weekly white candlestick.
The first upward target is set at the level of 1.2101 (blue dotted line) – a pullback level of 76.4%. Once this level is reached, the upward trend will most 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 1.1951 (closing of the last weekly candlestick) to the target of 1.1777 (blue dotted line) – the historical support level. If this is reached, the downward movement may resume 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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