Trend analysis (Fig. 1).
On Thursday, the market may continue to move upward from the level of 1.3777 (closing of yesterday's daily candlestick) to the target of 1.3882 - the 38.2% retracement level (blue dotted line). When testing this level, it is likely to continue working upward to the target of 1.3950 - the 50% retracement level (blue dashed line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, from the level of 1.3777 (closing of yesterday's daily candlestick), the price may continue to move upward with the target of 1.3882 - the retracement level of 38.2% (blue dotted line). When testing this level, it is likely to continue working upward to the target of 1.3950 - the 50% retracement level (blue dashed line).
Alternative scenario: from the level of 1.3777 (closing of yesterday's daily candlestick), the pair may start moving down to the target at 1.3669 - the lower fractal (blue dashed line). When testing this level of work upwards to the target of 1.3750 - the retracement level of 14.6% (blue dashed line).
