Yesterday, the pair moved down and did not reach only 17 points to the 50% retracement level, 1.1975 (red dotted line), it also went up and closed the daily candle at 1.2089. Today, the market may continue to move up. As per the economic calendar, news is expected at 13.15, 15.00, and 15.30 UTC (USD).
Trend analysis (Fig. 1).
Today, the market from the level of 1.2089 (closing of yesterday's daily candle) will try to continue moving up to reach the resistance level - 1.2173 (blue bold line). After reaching this level, further work upward is possible, with the target of 1.2243, the upper fractal (daily candle from 25.02.2021).
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 resistance level - 1.2173 (blue bold line). After reaching this level, further work upward is possible, with the target of 1.2243, the upper fractal (daily candle from 25.02.2021).
Unlikely scenario: from the level of 1.2089 (closing of yesterday's daily candle), the pair will try to continue moving down with the target of 1.2063, the 38.2% retracement level (red dotted line). When testing this level, the lower work may continue with the target of 1.1975 - the 50% retracement level (red dotted line).
