Trend analysis (pic. 1).
On Thursday, from the level of 1.2125 (the closing of yesterday's daily candlestick), the pair may continue to move upwards with the target levels of 1.2166- 161.8% (blue dotted line). If it breaks these levels, it may reach 1.2234, which is the historical resistance level (blue dotted line). After hitting this level? It is likely to move downwards.
Pic. 1 (daily chart).
Complex analysis:
- indicator analysis- up;
- Fibonacci levels – up;
- volumes – up;
- candlestick analysis – up;
- trend analysis-up;
- Bollinger bands – up;
- weekly chart - up.
Conclusion:
On Thursday, from the level of 1.2125 (the closing of yesterday's daily candlestick), the euro/dollar pair may continue to move upwards to the target levels of 1.2166- 161.8% (blue dotted line). If it breaks these levels, it may reach 1.2234, which is the historical resistance level (blue dotted line).
Alternative scenario: from the level of 1.2125 (the closing of yesterday's daily candlestick), the pair may continue to move upwards to the level of 1.2166 – the target level of 161.8% (blue dotted line). If the pair breaks this level, it may decline to the target level of 1.2083 – the support line (blue bold line). If so, it is likely to move downwards to 1.2080 - a retreatment level of 14.6% (red dotted line). From this level, it may resume the upward movement.
