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Trend analysis
The price from the level of 1.2095 (closing of the last weekly candle) may continue rising this week to be able to test the level of 1.2196 (blue dotted line) – a pullback level of 76.4%. After testing this level, the upward movement may resume towards the next target of 1.2254 (blue dotted line) – a pullback level of 85.4%. Once this is reached, the price may continue its growth to the upper fractal of 1.2349 (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 will most likely move in an upward trend, with a lower shadow (Monday - down) and without an upper shadow (Friday - up) in the weekly white candlestick.
The first upward target is set at 1.2196 (blue dotted line) – the pullback level of 76.4%. After testing this level, the upward movement may extend to the next target of 1.2254 (blue dotted line) – the pullback level of 85.4%. As soon as this is reached, the price may continue rising to the upper fractal of 1.2349 (blue dotted line).
Alternatively, the price from the level of 1.2095 (closing of the last weekly candle) may start declining in order to test the level of 1.2056 (yellow dotted line) – the pullback level of 14.6%. After reaching it, the upward movement may resume again towards the target of 1.2102 (blue dotted line) – the pullback level of 61.8%.
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