On Friday, before the news, the price did not manage to break through the pullback level of 23.6% - 1.1247 (yellow dashed line), when moving upwards. The market, contrary to the technical analysis, went down on strong news, having worked the news down. On Monday, strong calendar news is not expected.
Trend analysis (Fig. 1).
On Monday, the price may continue to move upwards. The first upper target of 1.1247 is the pullback level of 23.6% (yellow dashed line).
Fig. 1 (daily schedule).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger lines - down;
- weekly schedule - up.
General conclusion:
On Monday, the price may continue to move upwards. The first upper target of 1.1247 is the pullback level of 23.6% (yellow dashed line).
The material has been provided by InstaForex Company - www.instaforex.com
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