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Trend analysis
The price from the level of 1.1878 (closing of the last weekly candle) may continue to rise with the target of 1.1893 – the pullback level of 38.2% (blue dotted line) after slightly pulling back to the level of 1.1850 – the pullback level of 23.6% (yellow dotted line). After reaching this level, the upward movement may resume with the target of 1.1964 – the pullback level of 50.0% (blue dotted line).
Figure 1 (weekly chart)
Comprehensive analysis:
An upward movement can be concluded based on a 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 with a lower shadow (Monday - down) and an upper shadow (Friday - down) in the weekly white candlestick.
The first upward target is set at 1.1893 – the pullback level of 38.2% (blue dotted line). After this level is reached, the price may further rise to the target of 1.1964 – the pullback level of 50.0% (blue dotted line).
Alternatively, the price from the level of 1.1789 (closing of the last weekly candle) may start declining with the target of testing the level of 1.1814 – the pullback level of 38.2% (yellow dotted line). After reaching it, the upward movement may continue with a target of 1.1886 – the resistance line (red bold line).
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