According to the news, on Thursday, the pair broke the resistance line 1.3306 presented in a black bold line. Today, strong calendar news is expected for the dollar at 13:30 Universal time. Also, the market will move up with the goal of a retracement level of 61.8% which is at 1. 3456 presented in a yellow dashed line.
Trend analysis (Fig. 1).
On Friday, after testing the retracement level of 61.8% which is 1.3456 presented in a yellow dashed line, the price can roll back down with the target at 1.3288 which is the retracement level of 14.6% presented in a red dashed line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
On Friday, the price will continue to move up.
The upper scenario is unlikely but possible, thus, from the retracement level of 61.6% which is at 1.3456 presented in a yellow dashed line, work up with the first target 1.3761 which is the retracement level of 76.4% presented in a blue dashed line.
