The pair traded downward on Monday and tested the 23.6% retracement level at 1.3849 (blue dotted line), then the market moved up slightly, closing the daily candle at 1.3880. Today, news is expected at 12:30 UTC (dollar). The upward movement may continue.
Trend analysis (Fig. 1).
The market may continue moving upwards from the level of 1.3880 (closing of yesterday's daily candlestick) with the target at the 38.2% retracement level at 1.3922 (blue dotted line). Upon testing this level, the upward movement may continue with the target at the 50.0% retracement level at 1.3982 (blue dashed line). From here, a downward rollback is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may continue moving upward from the level of 1.3880 (the close of yesterday's daily candlestick) with the target at the 38.2% retracement level at 1.3922 (blue dotted line). Upon testing this level, the upward movement may continue with the target at the 50.0% retracement level at 1.3982 (blue dashed line). From here, a downward rollback is possible.
Alternative scenario: from the level of 1.3880 (the close of yesterday's daily candlestick), the price may continue moving down with the target at the 76.4% retracement level at 1.3804 (red dotted line). Upon testing this level, the upward movement may continue with the next target at the 23.6% retracement level at 1.3849 (blue dashed line).
