Trend Analysis (Fig. 1)On Monday, the market may begin moving downward from the level of 1.1563 (Friday's daily close) with the target at 1.1534 — the 14.6% retracement level (yellow dotted line). Upon testing this level, the price may start moving upward toward 1.1556 — a historical support 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 1.1563 (Friday's daily close), the price may begin moving downward with the target at 1.1516 — the 76.4% retracement level (blue dotted line). Upon reaching this level, the price may then move upward toward 1.1534 — the 14.6% retracement level (yellow 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 1.1563 (Friday's daily close), the price may begin moving downward with the target at 1.1516 — the 76.4% retracement level (blue dotted line). Upon reaching this level, the price may then move upward toward 1.1534 — the 14.6% retracement level (yellow dotted line).
The material has been provided by InstaForex Company - www.instaforex.com