On Monday, from the 1.1745 level (Friday's daily candle close), the market may begin moving upward, targeting 1.1794 – the 23.6% retracement level (blue dashed line). Upon reaching this level, a possible downward movement may follow, targeting 1.1779 – the upper fractal (red dashed line).
Fig. 1 (daily chart).
Comprehensive Analysis:
Indicator analysis – upward;
Fibonacci levels – upward;
Volume – upward;
Candlestick analysis – upward;
Trend analysis – upward;
Bollinger Bands – upward;
Weekly chart – upward.
Overall conclusion: upward trend.
Alternative scenario:From the 1.1745 level (Friday's daily candle close), the price may continue to move downward, targeting 1.1717 – the 38.2% retracement level (blue dashed line). Upon reaching this level, a possible corrective upward move may occur, targeting 1.1762 – the 85.4% retracement level (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
Latest comments
Join the conversation
You can post now and register later.
If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.
Trend Analysis (Fig. 1)
On Monday, from the 1.1745 level (Friday's daily candle close), the market may begin moving upward, targeting 1.1794 – the 23.6% retracement level (blue dashed line). Upon reaching this level, a possible downward movement may follow, targeting 1.1779 – the upper fractal (red dashed line).
Fig. 1 (daily chart).
Comprehensive Analysis:
Overall conclusion: upward trend.
Alternative scenario:From the 1.1745 level (Friday's daily candle close), the price may continue to move downward, targeting 1.1717 – the 38.2% retracement level (blue dashed line). Upon reaching this level, a possible corrective upward move may occur, targeting 1.1762 – the 85.4% retracement level (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com