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This week, from the level of 1.1620 (the close of the latest weekly candle), the market may continue moving upward toward 1.1716 – the 23.6% retracement level (blue dashed line). Upon testing this level, the price may pull back downward toward 1.1663 – the 14.6% retracement level (red dashed line).
Fig. 1 (weekly chart).
Conclusion from the comprehensive analysis: upward trend.
During the week, the price will most likely show an upward trend, with no lower shadow on the weekly white candle (Monday – upward), and the presence of an upper shadow (Friday – downward).
Alternative Scenario:
From the level of 1.1620 (the close of the latest weekly candle), the pair may begin moving upward toward 1.1793 – the 14.6% retracement level (blue dashed line). Upon testing this level, the price may pull back downward toward 1.1716 – the 23.6% retracement level (blue dashed line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
