Trend analysis (Fig. 1).
Today, the market from the level of 1.1805 (closing of last Friday's daily candlestick) may start moving upward with the target at 1.1843 - the retracement level of 14.6% (blue dotted line). Once this level is tested, the upward movement may continue with the target at 1.1888 - the 23.6% 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 1.1805 (closing of last Friday's daily candlestick) may start moving upward with the target at 1.1843 - the retracement level of 14.6% (blue dotted line). Once this level is tested, the upward movement may continue with the target at 1.1888 - the 23.6% retracement level (blue dashed line).
Alternative scenario: the price from the level of 1.1805 (closing of last Friday's daily candlestick) may continue to move downward with the target at 1.1772 - the lower fractal (blue dashed line). When this level is tested, it is possible to move upward with the target at 1.1811 - the historical resistance level (blue dashed line).
