The pair traded upward on Wednesday and almost tested the level of 1.0892 - a 61.8% retracement level (presented in a blue dotted line). Today, after lunch, the upward movement may continue. Economic calendar news for the euro is expected at 07:55, 09:00, 11:45, and 12:30 UTC, and for the dollar at 12:30 UTC.
Trend analysis (Fig. 1).
Today, a downward pullback is possible from the level of 1.0878 (closing of yesterday's candle) with the first target at 1.0852 - a 23.6% retracement level (presented in a red dashed line) and / or to the second target at 1.0826 - a 38.2 % retracement level (presented in a red dashed line). A lower downward pullback is possible towards the level of 1.0809 - a 50% retracement level (presented in a red dashed line). In case of a reversal from this level towards 1.0826, the price may continue to move upward with the target of 1.0890 - a 61.8% retracement level (presented in a blue dashed line). Upon breaking through this level upwards, the upward movement will continue. The main news of the day comes out at 11:45 and 12:30 UTC, which is about Europe's interest rates, where everything will depend on the press conference of the head of the ECB.
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 upward with the target at 1.0890 - a 61.8% retracement level (presented in a blue dashed line).
Another possible scenario is a bearish trend from a 50.0% pullback level (presented in a red dashed line), with a target at 1.0791 - a 61.8% pullback level (presented in a dashed line).
