Trend analysis (Fig. 1).
Today, the market from the level of 1.3946 (closing of yesterday's daily candlestick) will try to continue moving upwards in order to reach the 50% retracement level - 1.4009 (blue dotted line). If this level is tested, it is possible to continue working upward with the target of 1.4061 - the 61.8% retracement level (blue dashed line). And upon reaching this line, it is possible to roll back downwards.
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 1.3946 (closing of yesterday's daily candlestick) will try to continue moving upwards in order to reach the 50% retracement level - 1.4009 (blue dotted line). If this level is tested, it is possible to continue working upward with the target of 1.4061 - the 61.8% retracement level (blue dashed line). And upon reaching this line, it is possible to roll back downwards.
Alternative scenario: the price from the level of 1.3946 (closing of yesterday's daily candlestick) will try to continue moving upwards in order to reach the 8 EMA - 1.3971 (blue thin line). Once this line is tested, it is possible to move downward with the target of 1.3923 - the support line (red bold line). And upon testing this line, it is possible to work upward.
