The pair moved up on Tuesday and tested the pullback level of 23.6% equivalent to 1.1117 presented in a blue dotted line, but there were not enough bulls for more, and the price went down. Strong calendar news for the dollar is expected today at 15:00 UTC. Also, according to the news, work down is possible. The market will be narrow in anticipation of tomorrow's European interest rates.
Trend analysis (Fig. 1).
An upward movement is expected today with the first target of 1.1102, the retracement level of 14.6% presented in a blue dashed line. Upon reaching this level, the next goal will be the retracement level of 23.6% equivalent to 1.1117, presented in a blue dashed line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
An upward trend is possible today.
An unlikely, but possible scenario is from the support line of 1.1083, presented in a white bold line, the price goes down to 1.1043, the pullback level of 76.4% presented in a red dashed line.
