After breaking through the support line 1.0791 (red bold line), the pair went on an upward pullback movement. Upon moving up, the price tested the pullback level of 38.2% (red dashed line). Today, the market may continue to move up. Strong calendar news for the dollar is expected at 14:30 and 18:00 UTC.
Trend analysis (Fig. 1).
Today, from the pullback level of 23.6% - 1.0858 (red dashed line), the pair may continue to move up with the target of 1.0913 - the pullback level of 38.2% (red dashed line). If this level is reached, the upward work will continue with the target of 1.0958 - a pullback level of 50.0% (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 with the target at 1.0958 - a pullback level of 50.0% (red dashed line).
An unlikely scenario: from a pullback level of 50.0% - 1.0893 (blue dashed line), work down with the target at the support line 1.0784 (red bold line).
