Yesterday, the pair moved down and tested the 61.8% retracement level - 1.1867 (red dotted line). And then, the price went up and closed the daily candlestick at 1.1901. Today, the market may start moving up. As per the economic calendar, news is expected at 10.00 UTC (euro), and 12.30, 14.30, 18.00, 18.30 UTC (dollar).
Trend analysis (Fig. 1).
Today, the market will try to start moving up in the afternoon from the level of 1.1901 (closing of yesterday's daily candlestick) to reach 1.1954, the historical resistance level (blue dotted line). If this level is tested, it is likely to continue working upward with the target of 1.1989 - the upper fractal (blue 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 price may start moving up with the target of 1.1954, the historical resistance level (blue dotted line). After reaching this level, it is likely to rise further with the target of 1.1989 - upper fractal (daily candlestick from 03/11/2021).
Unlikely scenario: from the level of 1.1901 (closing of yesterday's daily candlestick), the pair will try to continue moving down with the target of 1.1872, the 76.4% retracement level (blue dotted line). When testing this level, the lower work may continue with the target of 1.1858, the 85.4% retracement level (blue dotted line).
