Last Friday, the euro/dollar pair tried to overcome the resistance line 1.1954 (white thick line) for the fourth day in a row, and this attempt was unsuccessful. While it was moving up, the price tested the upper fractal 1.1970 (daily candlestick from 06/23/2021) and then went down, closing the daily candlestick at 1.1935. Today, the price may continue to try to move up. The economic calendar is bereft of any important news today.
Trend analysis (Fig. 1).
Today, the market from the level of 1.1935 (closing of last Friday's daily candlestick) may start moving upwards with the target at 1.1957 - the resistance line (white thick line). After this line is tested, the upward movement may continue with the target of 2007 - the 38.2% 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 price from the level of 1.1935 (closing of last Friday's daily candlestick) may start moving upwards with the target at 1.1957 - the resistance line (white thick line). After this line is tested, the upward movement may continue with the target of 2007 - the 38.2% retracement level (blue dashed line).
Alternative scenario: the price from the level of 1.1935 (closing of last Friday's daily candlestick) may start moving down with the target at 1.1847 - the lower fractal (blue dashed line). Upon testing this level, it is possible to move upward.
