Trend analysis (Fig. 1).
Today, the market will try to continue moving upward from the level of 1.3357 (closing of yesterday's daily candle) in order to reach the upper fractal-1.3396 (daily candle from 11/23/2020). If this level is tested, there should be further upward movement with the goal of 1.3436, which is the target level of 161.8% (blue dotted line).
Figure 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion:
Today, the price from the level of 1.3357 (closing of yesterday's daily candle) will try to continue moving upward to reach the upper fractal of 1.3396 (daily candle from 11/23/2020). If this level is tested, there should be further upward movement with the goal of 1.3436, which is the target level of 161.8% (blue dotted line).
Unlikely scenario: from the level of 1.3357 (closing of yesterday's daily candle), the price will try to start moving downward with the goal of reaching the pullback level of 14.6% - 1.3290 (red dotted line). If this level is tested, it is necessary to continue working downward to the target of 1.3225, which is the pullback level of 23.6% (red dotted line).
