The pair traded upward on Wednesday but failed to break through the level of 1.2494 - a 61.8% pullback level (presented in a red dotted line) then it moved downwards. Today, an upward movement is likely to take place. Economic calendar news for the dollar is expected at 12:30 UTC.
Trend analysis (Fig. 1).
Today, an upward movement is likely to take place from the level of 1.2471 (closing of yesterday's candle) with the first target at the upper fractal 1.2518. If this level is broken upwards, the price may continue to move upward with the target of 1.2552 - a 76.4% retracement level (presented in a red dashed line). In the case of testing this level, a downward movement is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price may move upwards with the target of 1.2552 - a 76.4% retracement level (presented in a red dashed line).
Another possible scenario is a bearish trend from the level of 1.2494 - a 61.8% retracement level (presented in a red dashed line) with a target of 1.2357 - a 23.6% retracement level (presented in a blue dashed line). If this level is broken downwards, the price may continue to move downward with a target at the lower fractal 1.2247 (presented in a red dashed line).
