Trend analysis
The price from the level of 1.1805 (closing of the last weekly candle) may further decline this week, with the target of 1.1772 – the lower fractal (blue dotted line). After testing this level, it may rise to the target of 1.1843 – the pullback level of 14.6% (blue dotted line). From this level, the upward movement will continue to the target of 1.1888 – the pullback level of 3.6% (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 with a lower shadow (Monday - down) and with an upper shadow (Friday - down) in the weekly white candlestick.
The first upward target is set at 1.1843 – the pullback level of 14.6% (blue dotted line). Once this level is reached, the upward movement will extend to the target of 1.1888 – the pullback level of 23.6% (blue dotted line).
Alternatively, the price from the level of 1.1805 (closing of the last weekly candle) may continue to decline in order to test the lower fractal of 1.1703 (yellow dotted line). After reaching this level, it may rise to the target of 1.1772 – the lower fractal (blue dotted line).
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