Trend Analysis (Fig. 1).On Monday, the market from the level 1.1537 (Friday's daily candle close) may begin to move upward toward the target of 1.1556 – a historical resistance level (light blue dashed line). Upon reaching this level, a downward movement may follow toward the target of 1.1542 – the lower fractal (yellow dashed 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 level 1.1537 (Friday's daily candle close), the price may continue moving downward toward the 1.1515 level – the 76.4% retracement level (blue dashed line). Upon reaching this level, a corrective upward movement toward 1.1556 – the historical resistance level (light blue dashed line) – is possible.
The material has been provided by InstaForex Company - www.instaforex.com
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Fig. 1 (Daily Chart).
Comprehensive Analysis:
Overall conclusion: Upward trend.
Alternative scenario:From the level 1.1537 (Friday's daily candle close), the price may continue moving downward toward the 1.1515 level – the 76.4% retracement level (blue dashed line). Upon reaching this level, a corrective upward movement toward 1.1556 – the historical resistance level (light blue dashed line) – is possible.
The material has been provided by InstaForex Company - www.instaforex.com