Trend analysis (Fig. 1).
Today, the market from the level of 1.1793 (closing of yesterday's daily candlestick) will try to continue moving upwards in order to test the retracement level of 14.6%, which is 1.1830 (blue dotted line). Upon reaching this level, the price may continue to move upward with the target at 1.1875 - the 23.6% retracement level (blue dashed line). When this level is tested, it is likely to continue working upwards. Much will depend on the news that comes out at 11.45 and 12.30 UTC.
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 market from the level of 1.1793 (closing of yesterday's daily candlestick) will try to continue moving upwards in order to test the retracement level of 14.6%, which is 1.1830 (blue dotted line). Upon reaching this level, the price may continue to move upward with the target at 1.1875 - the 23.6% retracement level (blue dashed line). When this level is tested, it is likely to continue working upwards.
Alternative scenario: from the level of 1.1793 (closing of yesterday's daily candlestick), it may start moving upwards with the target at 1.1811 - the historical resistance level (blue dotted line). Upon reaching this level, it may move downward with the target at 1.1752 - lower fractal (blue dashed line).
