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Trend analysis
The upward movement is likely to continue to the first target of 1.2349 – the upper fractal (red dotted line) this month. After breaking through this level, the price may further rise to the next upward target of 1.2552– an upper fractal (blue dotted line). Once this level is reached, growth will extend to the target of 1.2746 – the resistance line (white thick line).
Figure 1 (monthly chart)
Indicator analysis:
The conclusion based on a comprehensive analysis is an upward movement.
An upward movement can be concluded based on complex analysis.
The overall result of the candlestick calculation based on the monthly chart: the price will most likely move in an upward trend, both without the first lower shadow (the first week of the month is the upper one) and without the second upper shadow (last week is white) in the monthly white candlestick.
General scenario: the price from the level of 1.2225 (closing of the monthly candlestick in May) may rise to the target of 1.2349 – upper fractal (red dotted line). In case of breaking this level up, the next upward target of 1.2552 – an upper fractal (blue dotted line), will be considered. After reaching it, the upward movement will continue to the target of 1.2746 – the resistance line (white thick line).
Alternative scenario: the price from the level of 1.2225 (closing of the monthly candlestick in May) may decline to the target of 1.2021 - 8 average EMA (blue thin line). After testing this line, the downward movement will continue to the target of 1.1884 – support line of the ascending channel (white thick line), then followed by an upward turn.
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