Trend analysis (Fig. 1).
On Friday, the market from the level of 1.2120 (closing of yesterday's daily candlestick) will move downward and try to reach the support line - 1.2102 (blue bold line). After testing this line, it is likely to continue moving upward with the target of 1.2149 - the upper fractal (red dotted line). And upon reaching this level, the upward movement may continue 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 1.2120 (closing of yesterday's daily candlestick) will move downward and try to reach the support line - 1.2102 (blue bold line). After testing this line, it is likely to continue moving upward with the target of 1.2149 - the upper fractal (red dotted line). And upon reaching this level, the upward movement may continue with the target of 1.2166 - the target level of 161.8% (blue dashed line).
Unlikely scenario: the price from the level of 1.2120 (closing of yesterday's daily candlestick), will move down and try to reach the support line - 1.2102 (blue bold line). After testing this line, the downward movement may continue with the target of 1.2080 - the 14.6% retracement level (red dotted line). In case of testing this level, it is possible that it will continue moving upwards with the target of 1.2149 - the upper fractal (red dotted line).
