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Trend analysis
The price from the level of 1.1336 (closing of the November monthly candlestick) may decline this month to the target of 1.1211 – the support line (blue bold line), from which it is possible to rise to the target of 1.1460 – the pullback level of 23.6% (blue dotted line). After this level is reached, the upward movement may resume with the target of 1.1629 – the pullback level of 38.2% (blue dotted line).
Fig 1 (monthly chart)
Indicator analysis:
An upward movement can be concluded based on a comprehensive analysis.
The overall result of the candlestick calculation based on the monthly chart: the price will most likely move in an upward trend, both with the first lower shadow (the first week of the month is the lower one) and the second upper shadow (the last week is black) in the monthly white candlestick.
General scenario: the price from the level of 1.1336 (closing of the November monthly candlestick) is likely to fall this month to the target of 1.1211 – the support line (blue bold line), wherein it can increase to the target of 1.1460 – the pullback level of 23.6% (blue dotted line). After reaching this level, it may further rise to the target of 1.1629 – the pullback level of 38.2% (blue dotted line).
Alternatively, the price from the level of 1.1336 (closing of the November monthly candlestick) may fall to the target of 1.1186 – lower fractal (blue dashed line). If this line is tested, it may move upwards to the target of 1.1356 – the pullback level of 14.6% (blue dotted line) and further increase.
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