The pair continued its upward movement on Tuesday, testing a pullback level of 23.6% at 1.2953 (red dashed line). Today, strong calendar news for the dollar is expected at 15:00 and 15:30 UTC. A possible continuation of the upward movement with the first target 1.3012, the resistance line (red bold line).
Trend analysis (Fig. 1).
Today, from the pullback level of 14.6% which is at 1.2973 (red dashed line), it is possible to move up with the first target 1.3012, the resistance line (red bold line). If this level is reached, further upward movement with the target of 1.3082, the retracement level of 61.8% (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly schedule - up.
General conclusion:
Today, the price may continue to move up.
An unlikely but quite possible scenario is from a retracement level of 23.6% which is at 1.2953 (red dashed line), work down with a target of 1.2872, the lower fractal (red dashed line).
