The pair traded downward on Friday and almost tested 1.1690 - a 38.2% pullback level (blue dotted line). Today, the price may move up. 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 1.1719 (closing of Friday's daily candlestick) with the target of 1.1766 - a 38.2% pullback level (red dotted line). If this line is tested, the upward movement may continue with the next target at 1.1814 - a 50.0% pullback level (red dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price may move upward with the target of 1.1766 - a 38.2% pullback level (red dotted line). If this line is tested, the upward movement may continue with the next target at 1.1814 - a 50.0% pullback level (red dashed line).
Another possible scenario: from the level of 1.1719, the price may move upward with the target at 1.1766 - a 38.2% pullback level (red dotted line). Upon testing this level, the price may move downward with the target at the support level 1.1660 (black bold line).
