Trend analysis (Fig. 1).
Today, the market from the level of 1.2107 (closing of last Friday's daily candlestick) may start moving upwards with the target at 1.2130 - the historical resistance level (blue dotted line). After testing this level, it may continue to move upwards with the target of 1.2155 - 21 EMA (black thin line). And upon reaching this line, the upward movement is likely to continue with the target of 1.2203 - the line of resistance (red bold line). And then, from this level, downward movement is possible.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - down;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price from the level of 1.2107 (closing of last Friday's daily candlestick) may start moving upwards with the target at 1.2130 - the historical resistance level (blue dotted line). After testing this level, it may continue to move upwards with the target of 1.2155 - 21 EMA (black thin line). And upon reaching this line, the upward movement is likely to continue with the target of 1.2203 - the line of resistance (red bold line). And then, from this level, downward movement is possible.
Alternative scenario: the price from the level of 1.2107 (closing of last Friday's daily candlestick) will start moving down, with the target at 1.2050 - the 38.2% retracement level (red dotted line). Upon testing this level, it is possible to begin moving upward.
