Trend analysis (Fig. 1).
Today, the market from the level of 1.2225 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target of 1.2275 - the 85.4% retracement level (yellow dashed line). After testing this level, the price may continue to work upward with the target at 1.2345 - the historical resistance level (blue dotted line). Upon reaching this line, further rollback downward is possible.
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 1.2225 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target of 1.2275 - the 85.4% retracement level (yellow dashed line). After testing this level, the price may continue to work upward with the target at 1.2345 - the historical resistance level (blue dotted line). Upon reaching this line, further rollback downward is possible.
Alternative scenario: the price from the level of 1.2225 (closing of yesterday's daily candlestick) will try to continue moving upward with the target at 1.2266 - the upper fractal (red dotted line). The price, having tested this level, may start working downwards with the target of 1.2198 - the support line (blue bold line).
