Trend analysis (Fig. 1).
On Monday, the downtrend may extend from 0.9964 (closing of Friday’s daily candlestick) to 0.9900, in line with the 13-period EMA (yellow thin line). The price may test the mark and go up to 0.9944, in line with the 61.8% retracement level (blue dotted line). Should the quote test this level, the uptrend may extend.
Fig. 1 (daily chart).
Complex analysis:
– indicator analysis – down;
– Fibonacci levels – down;
– volumes – down;
– candlestick analysis – down;
– trend analysis – up;
– Bollinger bands – up;
– weekly chart – down.
Final thoughts:
Today, the downtrend may extend from 0.9964 (closing of Friday’s daily candlestick) to 0.9900, in line with the 13-period EMA (yellow thin line). The price may test the mark and go up to 0.9944, in line with the 61.8% retracement level (blue dotted line). Should the quote test this level, the uptrend may extend.
Alternative scenario: the price may go down from 0.9864 (closing of Friday’s daily candlestick) to 0.9880, in line with the 38.2% retracement level (red dotted line). The quote may test the level and rise to 0.9944, in line with the 61.8% retracement level (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
