Yesterday, the pair moved down and tested the lower limit of the Bollinger line indicator 1.1831 (black dotted line). Together with the daily volumes, the price went up, closing the daily candlestick at 1.1900. Today, the market may continue to move up in the afternoon. As per the economic calendar, news is expected at 13.30 and 15.30 UTC (USD).
Trend analysis (Fig. 1).
Today, the market from the level of 1.1900 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the 61.8% retracement level, which is 1.1866 (blue dotted line). When this level is reached, further upward movement is possible, with the target of 1.1954, the historical resistance level (blue dotted line). In case of testing this level, the upper work may continue.
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 1.1900 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the 61.8% retracement level, which is 1.1866 (blue dotted line). When this level is reached, further upward movement is possible, with the target of 1.1954, the historical resistance level (blue dotted line). In case of testing this level, the upper work may continue.
Unlikely scenario: from the level of 1.1900 (closing of yesterday's daily candlestick), the price will try to continue moving down with the target of 1.1811, the historical retracement support level (blue dotted line). When testing this level, the lower work may continue with the target of 1.1779 - the 76.4% retracement level (red dotted line).
