The pair moved upward on Monday after testing the support line 1.0649 (white bold line). Today, an upward pullback movement will continue. Strong calendar news for the euro is expected at 08:30 UTC, and for the dollar at 14:00 UTC.
Trend analysis (Fig. 1).
Today, from the level of 1.0728 (closing of yesterday's candle) the price will try to continue to move up with the target of 1.0840, a pullback level of 23.6% (red dashed line). If this level is reached, the continuation of the upward movement is with the next target of 1.0965, a retracement level of 38.2% (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 - up;
- Weekly schedule - up.
General conclusion:
Today, from the level of 1.0728 (closing of yesterday's candle) the price will try to continue to move up with the target at 1.0840, a retracement level of 23.6% (red dashed line). If this level is reached, the continuation of the upward movement is with the next target of 1.0965, a retracement level of 38.2% (Red dashed line).
An unlikely scenario: from a pullback level of 23.6% - 1.0740 (red dashed line), work down, with the target at the lower fractal 1.0637 (red dashed line).
