On Wednesday, after testing the support line of the downward channel 1.0995, presented in a red bold line, the pair continued to move upward on Thursday. Strong calendar news for the euro is expected today at 10:00 UTC. The continuation of the upward movement is possible.
Trend analysis (Fig. 1).
An upward movement is possible today with the first target of 1.1051, the retracement level of 23.6% presented in a blue dashed line. Upon reaching this level, the continuation of work upward is with the goal of 1.1068, the resistance line of the downward channel in a red bold line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
An upward movement is expected today with the first target of 1.1051, the pullback level of 23.6% presented in a blue dashed line.
An unlikely but possible scenario is from the level of 1.1026, the price goes down to the support line 1.0982, presented in a red bold line, and then work up.
