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Trend analysis
The price from the level of 1.2165 (closing of the last weekly candle) is likely to begin declining this week, in order to test the level of 1.2102 – the pullback level of 14.6% (yellow dotted line). Once this level is tested, growth may resume to the next target of 1.2196 – the pullback level of 76.4% (blue dotted line). After reaching this level, the price may further rise to the level of 1.2254 – the pullback level of 85.4% (blue dotted line). The next upward target is set at 1.2349 – upper fractal (blue dashed line).
Figure 1 (weekly chart)
Comprehensive analysis:
A downward 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 a downward trend, without an upper shadow (Monday - down) and with a lower shadow (Friday - up) in the weekly black candlestick.
General scenario: the price will decline and test the level of 1.2102 – the pullback level of 14.6% (yellow dotted line), and then move up to the target of 1.2196 – the pullback level of 76.4% (blue dotted line). After reaching it, the upward movement may resume to the target of 1.2254 – the pullback level of 85.4%, (blue dotted line). The next upward target is the level of 1.2349 – an upper fractal (blue dashed line).
Alternatively, the price from the level of 1.2165 (closing of the last weekly candle) can start declining to be able to test the level of 1.2102 – the pullback level of 14.6% (yellow dotted line). Once this level is reached, it may further decline to the next target of 1.2060 – the pullback level of 23.6% (yellow dotted line) and then continue its growth after testing this level.
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