The pair traded upward on Monday and tested 1.2915 - a 21-day EMA (black thin line), and then pulled back down quite strongly. Today, the upward movement may continue. According to the economic calendar, dollar news is expected at 14:00 UTC.
Trend analysis (Fig. 1).
The market may move upward from the level of 1.2835 (closing of yesterday's daily candlestick) with the target at the resistance level 1.2962 (black thick line). From here, 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 - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may move upward from the level of 1.2835 (closing of yesterday's daily candlestick) with the target at the resistance level 1.2962 (black bold line). From here, the upward trend may continue with the next target of 1.3019 - a 76.4% pullback level (blue dashed line).
Another possible scenario: an upward movement with the target of 1.2911 - a 21-day EMA (black thin line). Upon reaching this level, the price may move down with the target of 1.2866 - a 61.8% pullback level (red dotted line).
