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Trend analysis
The price from the level of 1.2169 (closing of the last weekly candle) may continue to increase this week to the level of 1.2274 (blue dotted line) – a pullback level of 85.4%. Once this level is reached, the upward movement can possibly continue to the target of 1.2349 (red dotted line) – the upper fractal.
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 a lower shadow in the weekly white candlestick (Monday - up) and with an upper shadow (Friday - down).
The first upward target is 1.2274 (blue dotted line) – a pullback level of 85.4%. After reaching this level, the upward movement is likely to continue towards the target of 1.2349 – the upper fractal (red dotted line).
An alternative scenario: the price can decline from the level of 1.2169 (closing of the last weekly candle), with the target of 1.1943 (red dotted line) – a pullback level of 23.6%. Upon reaching this level, the upward movement can continue.
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