On Friday, the price was never able to overcome the resistance line of the descending channel (red bold line), went down, almost reaching 21 average EMA - 1.1591 (black thin line). Today, the market can move upwards, having repulsed from 21 average EMA. The first target when moving upwards is the resistance line (red bold line) - 1.1688.
Trend analysis (Figure 1).
On Monday, the price may start moving up with the first target resistance line - 1.1688. In the US, the output, the market after 12.00 Moscow time will be narrow.
Fig. 1 (daily chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - upwards;
- Candle analysis - neutral;
- Trend analysis - down;
- Bollinger lines - up;
- Weekly schedule - up.
General conclusion:
On Monday, the market is expected to move up with the first target resistance line - 1.1688.
The material has been provided by InstaForex Company - www.instaforex.com