Trend analysis (Fig. 1).
Today, from the level of 1.2115 (closing of yesterday's daily candlestick), the market can continue to move upward with the target of 1.2262 - the target level of 161.8% (blue dotted line). When testing this level, it is possible to work downward with the target of 1.2167 - a pullback level of 14.6% (red dotted line).
Figure 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger bands - up
- Weekly chart - up
General conclusion:
From the level of 1.2115 (closing of yesterday's daily candlestick), the market can continue to move upward with the target of 1.2262 - the target level of 161.8% (blue dotted line) today. When testing this level, it is possible to work downward with the target of 1.2167 - a pullback level of 14.6% (red dotted line).
Alternative scenario: from the pullback level of 76.4%, 1.2101 (yellow dotted line), the price may start moving downward with the target of 1.2072 – the historical support level (blue dotted line). After testing this line, it is possible to work downward with the next target of 1.2011, which is a pullback level of 38.2% (red dotted line).
