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Trend analysis
This week, the price from the level of 1.3826 (closing of the last weekly candle) is expected to rise to the target of 1.3911 – the pullback level of 50.0% (yellow dotted line) after a slight downward pullback to the support line of 1.3762 (white thick line). After reaching this level, it may continue its growth to the target of 1.3990 – the pullback level of 61.8% (yellow 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 first lower shadow (Monday - down) and second upper shadow (Friday - down) in the weekly white candlestick.
The price from the level of 1.3826 (closing of the last weekly candle) will rise to the target of 1.3911 – the pullback level of 50.0% (yellow dotted line) after making a small downward pullback to the support line of 1.3762 (white thick line). After this level is reached, it may further increase to the target of 1.3990 – the pullback level of 61.8% (yellow dotted line).
As an alternative, the price from the level of 1.3826 (closing of the last weekly candle) may decline to the target of 1.3762 – the support line (white thick line). After testing this line, the downward trend may continue to the target of 1.3601 – the lower fractal (weekly candle from 08/15/2021). After testing this level, the price may rise again.
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