Trend analysis

The price from the level of 1.2107 (closing of the last weekly candlestick) may continue to decline this week in order to test the level of 1.2050 – the pullback level of 38.2% (yellow dotted line). After testing this level, the upward movement may extend to the next target of 1.2102 – the pullback level of 61.8% (blue dotted line).

Figure 1 (weekly chart)

Comprehensive analysis:

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

A downward movement can be concluded based on a comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in a downward trend with an upper shadow (Monday - up) and without a lower shadow (Friday - down) in the weekly black candlestick.

The first downward target is set at 1.2050 – the pullback level of 38.2% (yellow dotted line). Once this level is tested, further decline is possible to the next target of 1.2102 – the pullback level of 61.8% (blue dotted line).

Alternatively, the price from the level of 1.2107 (closing of the last weekly candlestick) may start rising in order to test the level of 1.2196 – the pullback level of 76.4%, (blue dotted line). After reaching it, the continuation of the upward movement can be expected with the target of 1.2254 – the pullback level of 85.4% (blue dotted line).