The pair traded upward on Tuesday and almost tested the level of 1.0894 - a 50% pullback (presented in a blue dotted line) and then went down by 44 points. Today, the price may continue to move up. Economic calendar news for the dollar is expected at 12:30 and 14:30 UTC.
Trend analysis (Fig. 1).
Today, the upward trend is likely to continue from the level of 1.0850 (closing of yesterday's candle) with the target of 1.0894 - a 50.0% pullback level (presented in a blue dashed line). From this level, the price may continue to move upward with the target of 1.0923 - a 61.8% retracement level (presented in a blue dotted 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 upward with the target of 1.0923 - a 61.8% retracement level (presented in a red dashed line).
Another possible scenario is a downward trend from 1.0893 - a 50% pullback level (presented in a blue dashed line) with a target at 1.0798 - a 76.4% pullback level (presented in a red dashed line).
