Trend analysis (Fig. 1).
On Thursday, the market from the level of 1.2117 (closing of yesterday's daily candle) may continue to move up with the target of 1.2176 - the resistance level (the blue bold line). When testing this level, it is possible to continue working upwards with the target of 1.2234 - the historical resistance level (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 market from the level of 1.22117 (closing of yesterday's daily candle) may continue to move up with the target of 1.2176 - the resistance level (the blue bold line). When testing this level, it is possible to continue working upwards with the target of 1.2274 - the 85.4% retracement level (yellow dotted line).
Unlikely scenario: from the level of 1.2117 (closing of yesterday's daily candle), the pair may continue to move up with the target of 1.2144 - the upper fractal (daily candle from 02/10/2021). When testing this level, it is possible to work downwards with a target of 1.2063 - the 38.2% retracement level (red dotted line).
