Trend Analysis (Fig. 1)On Monday, the market may begin moving downward from the level of 1.3160 (Friday's daily close), targeting 1.3110 — the 161.8% target level (red dotted line). Upon testing this level, the price may begin moving upward toward 1.3148 — a historical resistance level (blue dotted line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
Indicator analysis — downward
Fibonacci levels — downward
Volume analysis — downward
Candlestick analysis — downward
Trend analysis — downward
Bollinger Bands — downward
Weekly chart — downward
Overall conclusion: Downward trend.
Alternative Scenario:
From the level of 1.3160 (Friday's daily close), the price may begin moving downward toward 1.3077 — the 176.4% target level (red dotted line). Upon testing this level, the price may then move upward toward 1.3110 — the 161.8% target level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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Fig. 1 (Daily Chart)
Comprehensive Analysis:
Overall conclusion: Downward trend.
Alternative Scenario:
From the level of 1.3160 (Friday's daily close), the price may begin moving downward toward 1.3077 — the 176.4% target level (red dotted line). Upon testing this level, the price may then move upward toward 1.3110 — the 161.8% target level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com