Trend analysis (Fig. 1).
On Friday, the market from the level of 1.2014 (closing of yesterday's daily candlestick) will move upward and try to reach the upper fractal 1.2079 (red dotted line). After testing this level, it is possible to continue working upward with the target of 1.2102 - the 76.4% retracement level (yellow dashed line). And upon reaching this level, it is likely to continue to work upward with the target of 1.2166 - the target level of 161.8% (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, the price from the level of 1.2014 (closing of yesterday's daily candlestick) will move upward and try to reach the upper fractal 1.2079 (red dotted line). After testing this level, it is possible to continue working upward with the target of 1.2102 - the 76.4% retracement level (yellow dashed line). And upon reaching this level, it is likely to continue to work upward with the target of 1.2166 - the target level of 161.8% (blue dashed line).
Unlikely scenario: the price from the level of 1.2014 (closing of yesterday's daily candlestick) will move down and try to reach the 23.6% retracement level, 1.1991 (red dotted line). In case of testing this level, it is possible to continue working downward with the target at 1.1938 - the 38.2% retracement level (red dashed line).
