The pair traded downward on Wednesday and tested 1.1779 - a 23.6% pullback level (red dotted line). After this, the market went up, closing the day almost at the opening price. Today, the price is likely to continue to move up. Economic calendar news for the dollar is expected at 12:30, 13:10, and 14:00 UTC.
Trend analysis (Fig. 1).
The market may continue to move upward from the level of 1.1831 (closing of yesterday's daily candle) with the target at the historical resistance level of 1.1912 (blue dotted line). From here, the price may continue to move upward with the next target at the upper fractal 1.1967 (red dotted line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - neutral;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
The price may continue to move upward from the level of 1.1831 (closing of yesterday's daily candle) with the target at the historical resistance level of 1.1912 (blue dotted line). From here, the price may continue to move upward with the next target at the upper fractal 1.1967 (red dotted line).
Another possible scenario is after moving up and testing 1.1851 - a 14.6% pullback level (red dashed line), the price may begin to move down with the target at 1.1779 - a 23.6% pullback level (red dashed line). If this level is broken down, the next target will be at the support level of 1.1697 (black bold line).
