On Monday, from the level of 1.3169 (Friday's daily candle close), the market may continue moving downward toward 1.3110 – the 161.8% target level (red dashed line). Upon testing this level, the price may begin moving upward toward 1.3148 – the historical resistance level (blue dashed line).
Fig. 1 (daily chart).
Comprehensive Analysis:
indicator analysis – downward
Fibonacci levels – downward
volumes – downward
candlestick analysis – downward
trend analysis – downward
Bollinger Bands – downward
weekly chart – downward
Overall conclusion: downward trend.
Alternative Scenario:
From the level of 1.3169 (Friday's daily candle close), the price may begin moving downward toward 1.3077 – the 176.4% target level (red dashed line). Upon testing this level, the price may begin moving upward toward 1.3110 – the 161.8% target level (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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Trend Analysis (Fig. 1)
On Monday, from the level of 1.3169 (Friday's daily candle close), the market may continue moving downward toward 1.3110 – the 161.8% target level (red dashed line). Upon testing this level, the price may begin moving upward toward 1.3148 – the historical resistance level (blue dashed line).
Fig. 1 (daily chart).
Comprehensive Analysis:
Overall conclusion: downward trend.
Alternative Scenario:
From the level of 1.3169 (Friday's daily candle close), the price may begin moving downward toward 1.3077 – the 176.4% target level (red dashed line). Upon testing this level, the price may begin moving upward toward 1.3110 – the 161.8% target level (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com