Trend analysis (Fig. 1).
On Tuesday, from the level of 1.1811 (closing of yesterday's daily candlestick), the market will try to continue moving upward with the target of 1.1846 - the retracement level of 50.0% (blue dotted line). When the price tests this level, it may continue to work upward with the target of 1.1880 - the 61.8% retracement level (blue dashed line). Upon reaching this level, it is likely to rise to the target of 1.1922 - the 76.4% retracement 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 1.1811 (closing of yesterday's daily candlestick), the price will try to continue moving upwards with the target of 1.1846 - the 50.0% retracement level (blue dashed line). When the price tests this level, it may continue to work upward with the target of 1.1880 - the 61.8% retracement level (blue dashed line). Upon reaching this level, it may further rise to the target of 1.1922 - the 76.4% retracement level (blue dashed line).
Unlikely scenario: the price from the level of 1.1811 (closing of yesterday's daily candlestick) will try to move down with the target of 1.1778 - the 76.4% retracement level (red dotted line). After testing this level, the price may continue to work downward with the target of 1.1769 - the support line (red bold line). Reaching this line will enable upward movement.
