Trend analysis (Fig. 1).
Today, the market from the level of 1.2191 (closing of yesterday's daily candlestick), after moving down and testing the support line of 1.2175 (the blue bold line), may start moving up with the target of 1.2234 - the historical resistance level (the blue dotted line). After reaching this level, it is possible to continue working up with the target of 1.2274 - an 85.4% retracement level (yellow dotted line). And upon testing this level, the upward movement may continue with the target of 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 market from the level of 1.2191 (closing of yesterday's daily candlestick), after moving down and testing the support line of 1.2175 (the blue bold line), may start moving up with the target of 1.2234 - the historical resistance level (the blue dotted line). After reaching this level, it is possible to continue working up with the target of 1.2274 - an 85.4% retracement level (yellow dotted line). And upon testing this level, the upward movement may continue with the target of 1.2345 - the historical resistance level (blue dotted line).
Unlikely scenario: from the level of 1.2191 (closing of yesterday's daily candlestick), it may start moving down with the target of 1.2133 – the 23.6% retracement level (red dotted line). After reaching this level, it may start working up with the target of 1.2175 - the resistance line (blue bold line).
