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Trend analysis
This week, the price from the level of 1.3658 (closing of the last weekly candle) is expected to move up to the target of 1.3941 - the pullback level of 85.4% (blue dotted line). If this line is tested, the upward movement can continue to the target of 1.4284 – the historical resistance level (blue dotted line).
Figure 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 is likely to have an upward trend this week, without the first lower shadow of the weekly white candlestick (Monday - up) and without the second upper shadow (Friday - high).
The first upper target is 1.3941 – the pullback level of 85.4% (blue dotted line). After testing this line, the upward movement will continue to the next target of 1.4284 – the historical resistance level (blue dotted line).
An alternative scenario: the price from the level of 1.3658 (closing of the last weekly candle) can decline to the target of 1.3511 – historical support level (blue dotted line). In case of testing this line, the downward movement will continue to the target of 1.3352 – the pullback level of 14.6% (red dotted line). From this level, it is possible to move upwards.
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