Trend analysis (Fig. 1).
On Thursday, the market may start moving upward from the level of 1.3773 (closing of yesterday's daily candlestick) to the target set at 1.3819 - the resistance line of the descending channel (blue bold line). After testing this line, it is likely to continue moving upwards, with a target of 1.3882 - the 38.2% 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, the price may start moving upwards from the level of 1.3773 (closing of yesterday's daily candlestick) to the target set at 1.3819 - the resistance line of the descending channel (blue bold line). After testing this line, it is likely to continue moving upwards, with a target of 1.3882 - the 38.2% retracement level (blue dashed line).
Unlikely scenario: from the level of 1.3773 (closing of yesterday's daily candlestick), a downward movement may begin, with the target of 1.3668 - a lower fractal (blue dotted line). Upon testing this level, it may rise with the target of 1.3750 - the 14.6% retracement level (blue dashed line).
