The pair continued to move upward on Tuesday, testing a pullback level of 85.4% equivalent to 1.1173 (red dotted line). Today, strong calendar news for the dollar is expected at 13:15, 15:00 and 15:30 UTC. The price may roll back before the news.
Trend analysis (Fig. 1).
Today, the market may begin to roll back down with the target of 1.1151, a retracement level of 14.6% (blue dashed line). Upon reaching this level, the continuation of work down is with the target of 1.1112, a retracement level of 23.6% (blue dashed line). After the news at 13:15 UTC (if the news comes out according to the forecast), it is possible to continue moving up with the target at the upper fractal 1.1241 (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, a downward reversal is possible with the target of 1.1112, the retracement level of 23.6% (blue dashed line).
An unlikely scenario is from a pullback level of 23.6% equivalent to 1.1151 (blue dashed line), work up with a target at the upper fractal 1.1241 (red dashed line). Upon reaching this level, work down.
