The market has a downward channel (red bold lines). The price in early March, moving up, tested the support line – 1.1405 (red bold line) and went down. Moving down, the market reached the support line of 1.1176 (blue bold line). Where the price will go further, should show a comprehensive analysis. There is a very strong signal up – the last three candles in a row are black in color and grow over the bodies in falling volumes.
Trend analysis (Fig. 1).
April will begin with an upward movement, with the first goal of 1.1319 – the resistance line (red bold line). The point of contention is 1.1319, after which it will be clear where the market will go.
Fig. 2 (monthly schedule).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis is neutral;
- Bollinger lines - down;
The conclusion of the complex analysis is most likely the top job.
The overall result of the calculation of the EUR / USD currency pair candle on the monthly schedule: the price is likely to have an upward trend with the absence of the first lower shadow (the first week of the month is the upper one) for the monthly white candle and the absence of the second upper shadow (the last week is white).
April will begin with an upward movement, with the first goal of 1.1319 – the resistance line (red bold line).
The material has been provided by InstaForex Company - www.instaforex.com
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