On Tuesday, the pair made an upward movement after testing the support line of 1.1067 (blue bold line), almost testing the pullback level of 23.6% – 1.1110 (yellow dotted line). On Wednesday, it is possible to continue the upward movement. Strong calendar news expected at 15:00 London time, 15:30 London time, and 19.00 London time (dollar).
Trend analysis (Fig. 1).
On Wednesday, we expect an upward movement, with the target of 1.1108 – the upper fractal.
Fig. 1 (daily chart).
Complex analysis:
- Indicator analysis – down;
- Fibonacci levels – up;
- Volumes – up;
- Candle analysis – up;
- Trend analysis – up;
- Bollinger bands – down;
- Weekly schedule - up.
General conclusion:
On Wednesday, we expect an upward movement, with the target of 1.1108 – the upper fractal.
Unlikely scenario: a downward movement with the target of 1.1065 – support line (blue bold line).
