On Monday, the market from the 1.3151 level (Friday's daily candle close) may begin moving upward toward the target of 1.3223 – a historical resistance level (light blue dashed line). Upon testing this level, the price may begin moving downward toward the target of 1.3185 – the 5-period EMA (thin red line).
Fig. 1 (Daily Chart).
Comprehensive Analysis:
Indicator analysis – upward;
Fibonacci levels – upward;
Volumes – upward;
Candlestick analysis – upward;
Trend analysis – upward;
Bollinger Bands – upward;
Weekly chart – upward.
Overall conclusion: Upward trend.
Alternative scenario:From the 1.3151 level (Friday's daily candle close), the price may begin moving upward toward the target of 1.3219 – the 8-period EMA (thin blue line). Upon reaching this line, a downward movement toward 1.3185 – the 5-period EMA (thin red line) – is possible.
The material has been provided by InstaForex Company - www.instaforex.com
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Trend Analysis (Fig. 1).
On Monday, the market from the 1.3151 level (Friday's daily candle close) may begin moving upward toward the target of 1.3223 – a historical resistance level (light blue dashed line). Upon testing this level, the price may begin moving downward toward the target of 1.3185 – the 5-period EMA (thin red line).
Fig. 1 (Daily Chart).
Comprehensive Analysis:
Overall conclusion: Upward trend.
Alternative scenario:From the 1.3151 level (Friday's daily candle close), the price may begin moving upward toward the target of 1.3219 – the 8-period EMA (thin blue line). Upon reaching this line, a downward movement toward 1.3185 – the 5-period EMA (thin red line) – is possible.
The material has been provided by InstaForex Company - www.instaforex.com