Trend analysis

The price from the level of 1.2190 (closing of the last weekly candle) may continue rising this week to test the level of 1.2254 – the pullback level of 85.4% (blue dotted line). After testing this level, the upward movement may extend to the target of 1.2349 – the upper fractal (blue dotted line). The next upward target is the historical resistance level of 1.2462 (blue dotted line).

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Figure 1 (weekly chart)

Comprehensive analysis:

  • Indicator analysis – up
  • Fibonacci levels – up
  • Volumes – up
  • Candlestick analysis – up
  • Trend analysis – up
  • Bollinger lines – up
  • Monthly chart – up

The conclusion based on a comprehensive analysis is an upward movement.

An upward movement can be concluded based on a 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 without a lower shadow (Monday – up) and without an upper shadow (Friday – up) in the weekly white candlestick.

The first upward target is set at 1.2254 – the pullback level of 85.4% (blue dotted line). Once this level is tested, further growth can be expected to the target of 1.2349 – the upper fractal (blue dotted line). The next upward target is the historical resistance level of 1.2462 (blue dotted line).

Alternatively, the price from the level of 1.2190 (closing of the last weekly candle) may start declining in order to test the level of 1.2132 – the pullback level of 23.6% (yellow dotted line). After reaching it, the price may rise to the target of 1.2196 – the pullback level of 75.4% (blue dotted line). The upward movement may resume after testing this level.

The material has been provided by InstaForex Company – www.instaforex.com

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