Trend analysis

The price from the level of 1.1761 (closing of the last weekly candle) may start rising this week, with the target of retesting the support line of the upward channel set at 1.1724 (blue bold line). After testing this level, the upward movement may resume to the target of 1.1798 (blue dotted line) – a pullback level of 14.6% and then extend further to the next level of 1.1855 (blue dotted line) – a pullback level of 23.6%. Once this level is reached, the price may resume growth, with the target of 1.1949 – a pullback level of 38.2% (blue dotted line).

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up;
• Trend analysis - up
• Bollinger lines - up
• Monthly chart - up

An upward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend, both with lower shadow (Monday - down) and an upper shadow (Friday - down) in the weekly white candlestick.

The first upward target is set at 1.1796 (blue dotted line) – a pullback level of 14.6%. After testing this level, the upward trend will extend further to the next level of 1.1855 (blue dotted line) – a pullback level of 23.6%. Afterwards, the price may resume growth to the target of 1.1949 – a pullback level of 38.2% (blue dotted line).

As an alternative, the price may decline from the level of 1.1756 (closing of the last weekly candle) to the target of 1.1695 (red dotted line) – a pullback level of 38.2%. After reaching it, the downward movement may continue to the historical support level of 1.1579 (blue dotted line).