Trading Conditions
Products
Tools
Trend analysis
This week, the price from the level of 1.3834 (closing of the last weekly candlestick) is expected to rise to the target of 1.3878 (yellow dotted line) – the pullback level of 38.2%. After reaching this level, it may further increase to the target of 1.3945 (yellow dotted line) – the pullback level of 50%. If this line is tested, the upward movement may continue to the target of 1.4010 (yellow dotted line) – the pullback level of 61.8%.
Fig. 1 (weekly chart).
Comprehensive analysis:
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 without the first lower shadow (Monday - up) and the second upper shadow (Friday - up) in the weekly white candlestick.
The first upward target is set at 1.3878 (yellow dotted line) – the pullback level of 38.2%. After reaching this level, the price may further move up to the target of 1.3945 (yellow dotted line) – the pullback level of 50%. When this line is tested, the upward trend may extend to the next target of 1.4010 (yellow dotted line) – the pullback level of 61.8%.
As an alternative, the price from the level of 1.3884 (closing of the last weekly candlestick) will decline to the target of 1.3665 (yellow dashed line) – a lower fractal. After testing this line, the price may rise again to the target 1.3822 (blue bold line) – the resistance line of the descending channel.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.