Trend analysis (Fig. 1).
Today, the market from the level of 1.1924 (closing of yesterday's daily candlestick) will try to continue moving upwards in order to test the historical resistance level of 1.1954 (blue dotted line). Upon reaching this level, the price may continue to move upward with the target of 1.2007 - the 38.2% retracement level (blue dashed line). And then, after reaching this level, it is possible to move upward with the target of 1.2056 - the 50.0% retracement level (blue dashed line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the market from the level of 1.1924 (closing of yesterday's daily candlestick) will try to continue moving upwards in order to test the historical resistance level of 1.1954 (blue dotted line). Upon reaching this level, the price may continue to move upward with the target of 1.2007 - the 38.2% retracement level (blue dashed line). And then, after reaching this level, it is possible to move upward with the target of 1.2056 - the 50.0% retracement level (blue dashed line).
Alternative scenario: from the level of 1.1924 (closing of yesterday's daily candlestick), it may start moving upward with the target at 1.1946 - the 23.6% retracement level (blue dashed line). Upon reaching this level, it is possible to start moving downward with the target at 1.1847 - the lower fractal (blue dashed line).
