Trend analysis (Fig. 1).
On Wednesday, the market from the level of 1.2012 (closing of yesterday's daily candlestick) will try to start moving upwards with the target of 1.2075 - the historical resistance level (blue dashed line). If this line is tested, the upward movement may continue with the target at 1.2102 - the 76.4% retracement level (yellow dashed line). Much will depend on the news that will come out at 12.15 UTC.
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 1.2012 (closing of yesterday's daily candlestick) will try to start moving upwards with the target of 1.2075 - the historical resistance level (blue dashed line). If this line is tested, the upward movement may continue with the target at 1.2102 - the 76.4% retracement level (yellow dashed line).
Alternative scenario: from the level of 1.2012 (closing of yesterday's daily candlestick), the price will try to continue moving down with the target at 1.1969 - the 38.2% retracement level (red dotted line). If this line is tested, it will work upwards with the target at 1.2010, the resistance line (blue bold line). And after testing this line, it is likely to continue working upwards.
