The pair traded upward on Thursday and tested the historical resistance level 1.2769 (white dashed line). Today, the upward trend may continue. 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 1.2748 (closing of yesterday's daily candlestick) with the target of 1.2866 - a 50.0% pullback level (red dotted line). Upon reaching this level, the price may continue to move upward with the next target at the 21-day EMA at 1.2927 (black thin line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price may move upward from the level of 1.2748 (closing of yesterday's daily candlestick) with the target of 1.2866 - a 50.0% pullback level (red dotted line). Upon reaching this level, the price may continue to move upward with the next target at the 21-day EMA at 1.2927 (black thin line).
Another possible scenario: upon testing 1.2866 - a 50.0% pullback level (red dotted line), the price may move down with the target at the lower fractal 1.2675.
