The pair on Friday, once again straying from the resistance line, rallied down, reaching a pullback level of 76.4% - 1.1016 (red dotted line). On Monday, strong calendar news is expected at 09.00 Universal time (Euro). Today the market will try to move up.
Trend analysis (Fig. 1).
On Monday, the first upper goal is to achieve a pullback level of 23.6% - 1.1035 (blue dashed line). If successful, the next upper target 1.1047 is a pullback level of 38.2% (blue dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger Lines - down;
- Weekly schedule - down.
General conclusion:
On Monday, an upward movement is possible.
The first upper target is 1.1035 retracement level is 23.6% (blue dashed line). If successful, the next upper target 1.1047 is a pullback level of 38.2% (blue dashed line).
An unlikely but possible scenario is a downward movement with the target 1.0990 - the lower fractal (blue dashed line).
