The pair moved up yesterday and once again tested the upper fractal - 1.2309 (red dotted line) - daily candle from 30.12.2020. But the price closed the daily candle at 1.2296. Today, the market may continue to move up. As per the economic calendar, news is expected at 13.15, 15.30, 19.00 UTC (dollar).
Trend analysis (Fig. 1).
Today, the market from the level of 1.2296 (closing of yesterday's daily candle) will try to continue moving up in order to reach the upper limit of the Bollinger line indicator - 1.2373 (black dotted line). After reaching this level, further upward movement is possible with the target of 1.2462 – the historical resistance level (blue 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:
Today, the price may continue to move up in order to reach the upper border of the Bollinger line indicator - 1.2376 (black dotted line). After reaching this level, further upward movement is possible with the target of 1.2462 – the historical resistance level (blue dotted line).
Unlikely scenario: when moving up and reaching the upper fractal - 1.2309 (red dotted line) - the daily candle from 30.12.2020, the price may start moving down to the pullback level of 14.6% - 1.2305 (red dotted line).
