On Tuesday, the pair tested the resistance level of 1.2177 (bold blue line) while moving upwards. The daily candlestick closed a bit lower at 1.2158. Today, the market is likely to continue the uptrend. We expect important economic news on Wednesday at 13:30, 15:30, 19:00, 19:30 GMT (for USD). The news factor is very strong today, so different scenarios are possible.
On Wednesday, the price will attempt to continue its upward movement from the level of 1.2158 (the close of yesterday's candlestick). The upward target is located at the resistance level of 1.2177 (bold blue line). After reaching this level, it is likely to rise further to 1.2234, which is a historic level of resistance (blue dotted line).
Pic. 1 (daily chart)
Complex analysis:
- indicator analysis – uptrend;
- Fibonacci levels – uptrend;
- volumes – uptrend;
- candlestick analysis – uptrend;
- trend analysis – uptrend;
- Bollinger lines – uptrend;
- weekly chart - uptrend.
Conclusion:
Today, the price will continue the upward movement with the target located at the resistance level of 1.2177 (bold blue line). After reaching this level, it is likely to rise further to 1.2234, which is a historic level of resistance (blue dotted line).
In a different scenario, the price may rise to the resistance of 1.2177 (bold blue line). After that, it may retreat to 1.2063, the 38.2% fibo retracement level (red dotted line).
