The pair rallied on Thursday, breaking through the resistance line of the downward channel 1.0986 (red bold line). Today, strong calendar news for the euro is expected at 08:55 UTC. The price may continue to move up. A side-channel is possible due to the consolidation of the bull's profit.
Trend analysis (Fig. 1).
The market may continue to move up today with the target of 1.1064, the retracement level of 61.8% (red dashed line). Upon reaching the level of 1.0956, work up to the resistance line of 1.1132 (white bold line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
A continued upward movement is expected today with the target of 1.1064, the retracement level of 61.8% (red dashed line).
An unlikely scenario is from the level of 1.1003 (closing yesterday's candle) work down with the target at 1.0974, the pullback level of 14.6% (blue dashed line). Upon reaching this level, the next lower target is 1.0953, the retracement level of 23.6% (blue dashed line).
