Trend analysis (Fig. 1).
Today, the market from the level of 1.2164 (closing of yesterday's daily candle), may continue to move up with the target of 1.2234 - the historical resistance level (blue dotted line). Upon testing this level, it is possible to continue working up with a target of 1.2275 – the 85.4% retracement level (yellow 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 market from the level of 1.2164 (closing of yesterday's daily candle), may continue to move up with the target of 1.2234 - the historical resistance level (blue dotted line). When testing this level, it is possible to continue working up with a target of 1.2275 – the 85.4% retracement level (yellow dotted line).
Unlikely scenario: from the level of 1.2164 (closing of yesterday's daily candle), the price may continue to move up with the target of 1.2234 - the historical resistance level (blue dotted line). Upon testing this level, it is possible to work downwards with a target of 1.2172 – the 38.2% retracement level (red dotted line).
