Trend analysis (Fig. 1).
On Thursday, the market may continue to move upward from the level of 1.1729 (closing of yesterday's daily candlestick) to the target at 1.1771 - the 23.6% retracement level (blue dotted line). When testing this level, it is likely to work upwards to the target of 1.1811, the historical resistance level (blue dotted 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, from the level of 1.1729 (closing of yesterday's daily candlestick), the market may continue to move upward to the target of 1.1771 - the 23.6% retracement level (blue dashed line). When testing this level, it is likely to work upwards to the target of 1.1813 - the 38.2% retracement level (blue dashed line).
Alternative scenario: from the level of 1.1729 (closing of yesterday's daily candlestick), the pair may start moving down with the target at 1.1633 - the lower border of the Bollinger line indicator (black dashed line). Once the price reaches this level, it may start moving up.
