Last Friday, the euro/dollar pair went down and tested the historical resistance level of 1.1811 (blue dotted line). After that, the price went up and tested the 5 EMA - 1.1876 (red thin line). The market closed last Friday's daily candlestick at 1.1864. Today, the price may continue moving upwards.And as per the economic calendar, news is expected at 9.00 and 11.30 UTC (euro). It's a holiday in the US today, so the market will be narrow in the afternoon.
Trend analysis (Fig. 1).
Today, the market from the level of 1.1876 (closing of last Friday's daily candlestick) may continue to move up with the target of 1.1915 - the 23.6% retracement level (blue dotted line). After this level is tested, its upward movement may continue with the target of 1.1973 - the resistance line (white thick line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci - up;
- Volume - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly schedule - up.
General conclusion:
Today, the price from the level of 1.1876 (closing of last Friday's daily candlestick) may continue to move up with the target of 1.1915 - the 23.6% retracement level (blue dotted line). After this level is tested, its upward movement may continue with the target of 1.1973 - the resistance line (white thick line).
Alternative scenario: the price from the level of 1.1876 (closing of last Friday's daily candlestick) may start moving down with the target of 1.1807 - the lower fractal (blue dashed line). Upon testing this level, it is possible to work up.
