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Trend analysis.
The price from the level of 1.1809 (closing of the last weekly candle) may start rising this week to the target at 1.1858 – the resistance line (red bold line) after a slight downward pullback to the historical support level of 1.1777 (blue dotted line). If this line is broken up, the upward movement may extend to the target of 1.1893 – the pullback level of 38.2% (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 with an upper shadow (Friday - down) in the weekly white candlestick.
After making a small downward pullback to the historical support level of 1.1777 (blue dotted line), the price from the level of 1.1809 (closing of the last weekly candle) may start rising to the target of 1.1858 – the resistance line (red bold line). After breaking this line, it may further rise to a target of 1.1893 – the pullback level of 38.2% (blue dotted line).
Alternatively, the price from the level of 1.1809 (close of the last weekly candle) may start declining to test the historical support level of 1.1777 (blue dotted line). Once this level is reached, it may further decline to the target of 1.1757 – the pullback level of 61.8% (blue dotted line). After testing this level, the upward trend may resume.
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