On Monday, from the 1.1741 level (Friday's daily candle close), the market may begin a downward move targeting 1.1685 – the 14.6% retracement level (red dotted line). Upon reaching this level, a possible upward move may occur toward 1.1689 – a historical resistance level (blue dotted line).
Fig. 1 (Daily chart).
Comprehensive Analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger Bands – down;
- Weekly chart – down.
Overall conclusion: Downward trend.
Alternative scenario: From the 1.1741 level (Friday's daily candle close), the price may begin a downward move targeting 1.1655 – the 50% retracement level (blue dotted line). Upon reaching this level, a possible upward move may occur toward 1.1685 – the 14.6% retracement level (red dotted line).