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Trend analysis
The price from the level of 1.1316 (closing of the last weekly candle) may continue to rise this week to the target of 1.1387 – the historical resistance level (blue dotted line). If this level is broken upwards, it may further increase to the target of 1.1440 – 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.
This week, the price from the level of 1.1316 (closing of the last weekly candle) may possibly rise to the target of 1.1387 – the historical resistance level (blue dotted line). In the event the level is broken upwards, the upward movement may resume to the target of 1.1440 – the pullback level of 23.6% (blue dotted line).
Alternatively, the price from the level of 1.1316 (closing of the last weekly candle) may continue to decline to test the support line of 1.1198 (white thick line). After this line is reached, it may increase to the target of 1.1343 – the pullback level of 14.6% (blue dotted line).
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