Trend analysis (Fig. 1).
The market from the level of 1.1775 (closing of yesterday's daily candlestick) will try to start moving upwards with the target at 1.1811 - the historical resistance level (blue dotted line). When this level is tested, the upward movement may continue with the target at 1.1846 - the 14.6% retracement level (blue dashed line). And from this level, the upward movement is likely to continue.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today, the price from the level of 1.1775 (closing of yesterday's daily candlestick) will try to start moving upwards with the target at 1.1811 - the historical resistance level (blue dotted line). When this level is tested, the upward movement may continue with the target at 1.1846 - the 14.6% retracement level (blue dashed line). And from this level, the upward movement is likely to continue.
Alternative scenario: from the level of 1.1775 (closing of yesterday's daily candlestick), it will try to start moving upwards with the target at 1.1811 - the historical resistance level (blue dotted line). From this level, the downward movement may continue with the target at 1.1772 - the lower fractal (blue dashed line). Once this level is tested, it is possible to move upward with the target at 1.1843 - the 14.6% retracement level (blue dashed line).
