Trend analysis (Fig. 1).
Today, the market from the level of 1.2227 (closing of yesterday's daily candlestick) is likely to move upward and try to reach the 85.4% retracement level - 1.2274 (yellow dashed line). After testing this level, the continuation of the upward work will be possible, with the target at 1.2345 - the historical resistance level (blue dotted 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 1.2227 (closing of yesterday's daily candlestick) is likely to move upward and try to reach the 85.4% retracement level - 1.2274 (yellow dashed line). After testing this level, the continuation of the upward work will be possible, with the target at 1.2345 - the historical resistance level (blue dotted line).
Unlikely scenario: the price from the level of 1.2227 (closing of yesterday's daily candlestick) will move upward and try to reach the upper fractal - 1.2245 (red dotted line). After testing this level, it may work down with the target at 1.2165 - the 14.6% retracement level (red dashed line). In case of testing this line, it is possible that the work will continue downwards with the target of 1.2117 - the 23.6% retracement level (red dotted line), then the upside is possible.
