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Trend analysis
This month, the price from the level of 1.3296 (closing of the November monthly candle) is expected to decline to the target of 1.3147 – the pullback level of 38.2% (blue dotted line). After testing this level, the upward movement may continue to the target of 1.3619 – the pullback level of 76.4% (red dotted line). If this level is tested, the price may further rise to the next upper target of 1.3898 – the resistance line (black bold 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 black) and the second upper shadow (the last week is black) in the monthly white candlestick.
General scenario: the price from the level of 1.3296 (closing of the November monthly candle) will plummet to the target of 1.3147 – the pullback level of 38.2% (blue dotted line). Once this level is tested, it may continue to rise to the target of 1.3619 – the pullback level of 76.4% (red dotted line). After that, growth may resume to the next upper target of 1.3898 – the resistance line (black bold line).
As an alternative, the price from the level of 1.3296 (closing of the November monthly candlestick) will continue to decline to the target of 1.2819 – the pullback level of 50% (blue dotted line). After testing it, an upward movement is possible.
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