Is this an uptrend or not?
The combination of the two tools Fibonacci Expansion and Retracement could indicate some important price levels for understanding the mood of the exchange rate. The most important dilemma that arises from this approach is if the last downward movement is considered as a correction of the main trend.
Looking at the chart, it seems that Friday's close was marginally below the price level of FR 23.6. It may take some time for the downtrend to be finally confirmed and the exchange rate to return to an uptrend. An entry point higher than the FR 50.0 price level would be a safe choice.
Then, it seems that some confluence levels emerge which can also be considered as target prices. As shown in the chart these are 0,7315 and 0,7437.
Looking at the chart, it seems that Friday's close was marginally below the price level of FR 23.6. It may take some time for the downtrend to be finally confirmed and the exchange rate to return to an uptrend. An entry point higher than the FR 50.0 price level would be a safe choice.
Then, it seems that some confluence levels emerge which can also be considered as target prices. As shown in the chart these are 0,7315 and 0,7437.
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