Trend analysis (Fig. 1).
On Thursday, the market from the level of 1.2034 (closing of yesterday's daily candlestick) may start moving upwards with the target of 1.2079 - the upper fractal (red dotted line). After testing this level, it is possible to continue working upward with the target of 1.2166, the level of 161.8% (blue dashed line). And upon reaching this level, it is possible to work down.
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, the market from the level of 1.2034 (closing of yesterday's daily candlestick) may start moving upwards with the target of 1.2079 - the upper fractal (red dotted line). After testing this level, it is possible to continue working upward with the target of 1.2166, the level of 161.8% (blue dashed line). And upon reaching this level, it is possible to work down.
Alternative scenario: from the level of 1.2034 (closing of yesterday's daily candlestick), it may start moving upwards with the target of 1.2075 - the historical resistance level (blue dashed line). After testing this level, it is possible to work down with the target of 1.2025, the 14.6% retracement level (red dashed line).
