The pair traded in a sideways channel on Thursday and tested the support level 1.1668 (black thick line). Today, the market is likely to continue moving up. As per the economic calendar, dollar news is expected at 12:30 UTC.
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1670 (closing of yesterday's daily candlestick) with the target at 1.1718 - a 23.6% pullback level (blue dotted line). In case of testing this level, the upward trend may continue with the next target of 1.1774 - a 38.2% pullback level (blue dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may move upward from the level of 1.1670 (closing of yesterday's daily candlestick) with the target at 1.1718 - a 23.6% pullback level (blue dotted line). In case of testing this level, the upward trend may continue with the next target of 1.1774 - a 38.2% pullback level (blue dashed line).
Another possible scenario: from the level of 1.1670 (closing of yesterday's daily candlestick), the price may move down with the target at the lower fractal 1.1627 (blue dotted line).
