The pair moved in a side channel on Friday. The price retested the historical support level of 1.2769 (white dotted line) and then rolled back upward, closing almost at the opening price of the daily candle. Today, the price may resume its upward movement. No news is expected on the economic calendar.
Trend analysis (Fig. 1).
The market may continue to move upward from the level of 1.2797 (closing of Friday's daily candle) with the target at the resistance level of 1.2922 (red bold line). If this level is tested, the upward trend may continue with the next target of 1.3019 - a 76.4% pullback level (blue dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may continue to move upward with the target at the resistance level 1.2922 (red bold line). If this level is tested, the upward trend may continue with the next target of 1.3019 - a 76.4% pullback level (blue dashed line).
Another possible scenario is upon reaching the resistance level 1.2922 (red bold line), the price may move downward with the target at the historical support level of 1.2769 (white dashed line).
