Trend Analysis (Fig. 1)On Monday, from the level of 1.1650 (the closing price of Friday's daily candle), the market may begin an upward movement with the target at 1.1710 — the 23.6% retracement level (red dashed line). Upon reaching this level, a downward movement is possible toward 1.1686 — the 38.2% retracement level (yellow 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 level of 1.1650 (the closing price of Friday's daily candle), the price may begin an upward movement toward 1.1689 — the historical resistance level (blue dashed line). Upon reaching this level, a corrective downward move is possible toward 1.1765 — the 50% retracement level (blue dashed line).
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 of 1.1650 (the closing price of Friday's daily candle), the price may begin an upward movement toward 1.1689 — the historical resistance level (blue dashed line). Upon reaching this level, a corrective downward move is possible toward 1.1765 — the 50% retracement level (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com