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This week, the market may start moving downward from the 1.1742 level (the close of the last weekly candle) with a target at 1.1536 – the 38.2% retracement level (blue dashed line). Upon testing this level, the price may begin an upward movement targeting 1.1571 – the upper fractal (red dashed line).
Figure 1 (Weekly Chart)
Conclusion from the Comprehensive Analysis: downward movement.
The price is most likely to show a downward trend throughout the week, with the weekly black candle lacking an upper shadow (Monday – down), and forming a lower shadow (Friday – up).
The pair may begin moving downward from the 1.1742 level (close of the last weekly candle) toward the target of 1.1498 – the 85.4% retracement level (red dashed line). Upon testing this level, the price may start an upward movement targeting 1.1571 – the upper fractal (red dashed line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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