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Trend analysis
The price from the level of 1.1723 (closing of the last weekly candle) may start rising this week to the target of 1.1751 – the pullback level of 14.6% (blue dotted line) after a slight downward pullback to the level of 1.1699 – the pullback level of 85.4% (yellow dotted line). If this line is broken upwards, the upward movement will continue to the target of 1.1806 – the pullback level of 23.6% (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.
The price from the level of 1.1723 (closing of the last weekly candle) may start to rise to the target of 1.1751 – the pullback level of 14.6% (blue dotted line) this week after a slight downward pullback to the level of 1.1699 – the pullback level of 85.4% (yellow dotted line). Once this line is broken up, it may further rise to the target of 1.1806 – the pullback level of 23.6% (blue dotted line).
Alternatively, the price from the level of 1.1723 (closing of the last weekly candle) may continue to decline to test the lower fractal of 1.1664 (yellow dotted line). After reaching this level, it may move up to the target of 1.1751 – the pullback level of 14.6% (blue dotted line).
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