There is a downward channel from January 2008 on the market. Having been tested the line, the price since February 2018 is moving down. In October, thanks to the line of 1.1303 (white thin line). In November, the upper recoil performance is high.
Trend analysis (Fig. 1).
After testing the support line, the price in November will try to go up to the pullback with the upper target rolling level 14.6% at 1.1484 (blue dashed line).
Fig. 2 (monthly schedule).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger lines - down;
Conclusion of the complex analysis - most likely the top job.
The total result of the calculation of the EUR / USD currency pair candle on a monthly schedule: the price is most likely to have an upward trend with the absence of the first lower shadow (the first week of the month is the lower) for the monthly white candle and the second upper shadow (the last week is black). The first upper target is the rollback level of 14.6% at 1.1484 (blue dashed line)The material has been provided by InstaForex Company - www.instaforex.com