Trend analysis (Fig. 1).
Today, the market will try to start moving upwards from the level of 1.3736 (closing of yesterday's daily candlestick) in order to reach the 23.6% retracement level, 1.3800 (blue dotted line). If this line is tested, the pair is likely to continue the upward movement with the target of 1.3882 - the 38.2% retracement level (blue dashed line). Once this line is reached, the upward movement may continue with the target of 1.3948 - the 50% retracement level (blue dashed line).
Figure 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price will try to start moving upwards from the level of 1.3736 (closing of yesterday's daily candlestick) in order to reach the 23.6% retracement level, 1.3800 (blue dotted line). If this line is tested, the pair is likely to continue the upward movement with the target of 1.3882 - the retracement level of 38.2% (blue dashed line). Once this line is reached, the upward movement may continue with the target of 1.3948 - the 50% retracement level (blue dashed line).
Unlikely scenario: from the level of 1.3736 (closing of yesterday's daily candlestick), the price will try to continue moving downwards in order to reach the lower fractal 1.3669 (blue dotted line). In case of testing this level, it is likely to rise with the target of 1.3750 - the 14.6% retracement level (blue dashed line).
