Yesterday, the pair moved up but failed to reach the upper fractal - 1.4015 (daily candlestick from 04.03.2021), closing the daily candlestick at 1.3988. As per the economic calendar, news is expected at 7.00 UTC (pound) and 13.30 UTC (dollar). Today, the price may continue to move up.
Trend analysis (Fig. 1).Trend analysis (Fig. 1).Trend analysis (Fig. 1).
Today, the market from the level of 1.3988 (closing of yesterday's daily candlestick) will try to continue moving up with the target of 1.4015 – the upper fractal (daily candlestick from 04.03.2021). When this level is reached, the price may continue to move up with the target of 1.4217 - the historical resistance level (blue dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion:
Today, the price from the level of 1.3988 (closing of yesterday's daily candlestick) will try to continue moving up with the target of 1.4015 – the upper fractal (daily candlestick from 04.03.2021). When this level is reached, the price may continue to move up with the target of 1.4217 - the historical resistance level (blue dotted line).
Alternative scenario: from the level of 1.3988 (closing of yesterday's daily candlestick), the price will try to start moving down with the target of 1.3831 – the support line (the red bold line). When this line is reached, the price may continue to move up with a target of 1.3944 – the 85.4% retracement level (yellow dotted line). Upon reaching this line, the price will continue to move up.
