Trend analysis (Fig. 1).
On Friday, from the level of 1.1776 (closing of yesterday's daily candlestick), the market will move upwards and try to reach the 38.2% retracement level, 1.1813 (blue dotted line). In case of testing this level, it is likely to work upwards with the target of 1.1880 - 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, from the level of 1.1776 (closing of yesterday's daily candlestick), the price will move upwards and try to reach the 38.2% retracement level, 1.1813 (blue dotted line). In case of testing this level, it is likely to work upwards with the target of 1.1880 - the 50% retracement level (blue dashed line).
Unlikely scenario: the price from the level of 1.1776 (closing of yesterday's daily candle) will move down and try to reach the 85.4% retracement level, 1.1711 (red dotted line). In case of testing this level, it is possible to continue working downward with the target of 1.1640 - the lower border of the Bollinger line indicator (black dashed line).
