This week, from the 1.1520 level (closing of the last weekly candle), the market may begin a downward movement toward the target of 1.1418 — the 14.6% pullback level (blue dashed line). Upon testing this level, the price may rebound upward toward the 76.4% pullback level at 1.1452 (red dashed line).
Figure 1 (Weekly Chart)
A downward movement is expected.
The price is likely to show a downward trend throughout the week, forming a weekly black (bearish) candle without an upper shadow (Monday – down), and with a lower shadow (Friday – up).
From the 1.1520 level (closing of the last weekly candle), the pair may start moving downward toward the target of 1.1378 — the 61.8% pullback level (red dashed line). Upon testing this level, the price may rebound upward toward the 14.6% pullback level at 1.1418 (blue dashed line).
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