Trend analysis (Fig.1)
On Wednesday, the pair is expected to continue raising from the level of 1.2334 (yesterday's closing of the daily candlestick) with the first target at .2485 which is the upper fractal (the blue dashed line). If the pair reaches this level, it can extend the the upward movement and test the target of 1.2518 which is the retracement level of 61.8% (the red dashed line).
Fig.1
Complex analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - neutral;
- trend analysis - up;
- Bollinger Lines - up;
- weekly chart- up.
General conclusion:
Today, the upward movement is possible with the target at 1.2518, which is the retracement level of 61.8% (the red dashed line).
An unlikely scenario: the price can fall from the level of 1.2334 (yesterday's closing of the daily candlestick) and test the target at 1.2096, which is the retracement level of 38.2% (the blue dashed line).
