Yesterday, the pair went up and tested the upper fractal of 1.3538 (daily candle from 12/04/20) and then rolled back down, closing the daily candle at 1.3504. Today, the price may continue to go up and according to the economic calendar news, it is expected at 12.00 UTC (pound), 13.30 UTC (dollar). Much will depend on how the market will perceive the news that will come out at 12.00 UTC.
Trend Analysis (Figure 1).
Today, the market will continue to go up from the level of 1.3504 (closing of yesterday's daily candle) with the target of 1.3676 at the pullback level of 76.4% (red dotted line). When testing this line, it is possible to continue going up with the target of 1.3943 at the pullback level of 85.4% (red dotted line).
Figure 1 (daily chart).
Comprehensive Analysis:
- Indicator Analysis - up
- Fibonacci Levels - up
- Volumes - up
- Candle Analysis - up
- Trend Analysis - up
- Bollinger Bands - up
- Weekly Chart - up
General Conclusion:
Today, the price will continue to go up from the level of 1.3504 (closing of yesterday's daily candle) with a target of 1.3676 at the pullback level of 76.4% (red dotted line). When testing this line, it is possible to continue going up with the target of 1.3943 at the pullback level of 85.4% (red dotted line).
Alternative scenario: from the level of 1.3504 (closing of yesterday's daily candle), it will continue to go up with the target of 1.3676 at the pullback level of 76.4% (red dotted line). When testing this line, it is possible to go downwards with a target of 1.3527 at the pullback level of 14.6% (blue dotted line).
