Trend analysis (Fig. 1).
Today, the market from the level of 1.4080 (closing of yesterday's daily candlestick) will try to continue moving upwards in order to reach the retracement level of 85.4%, which is 1.4142 (blue dotted line). Once this level is tested, it is possible to continue working upward with the target of 1.4175 - the resistance line (yellow bold line). After reaching this line, it is possible to roll back down.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up.
General conclusion:
Today, the price from the level of 1.4080 (closing of yesterday's daily candlestick) will try to continue moving upwards in order to reach the retracement level of 85.4%, which is 1.4142 (blue dotted line). Once this level is tested, it is possible to continue working upward with the target of 1.4175 - the resistance line (yellow bold line). After reaching this line, it is possible to roll back down.
Alternative scenario: the price from the level of 1.4080 (closing of yesterday's daily candlestick) will try to continue moving upwards in order to reach the retracement level of 85.4%, which is 1.4142 (blue dashed line). In case of testing this level, it is possible to work downward with the target of 1.4110 - the retracement level of 23.6% (red dashed line).
