The market closed the daily candlestick at 1.3711. Today, the price is likely to continue its upward movement. And as per the economic calendar, news is expected to come out at 12.30 and 14.00 UTC (dollar).
Trend analysis (Fig. 1).
Today, the market from the level of 1.3711 (closing of yesterday's daily candlestick) will move up to the target of 1.3823 - the 38.2% retracement level (blue dotted line). From this level, a rollback downward is possible.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - down.
General conclusion:
Today, the price from the level of 1.3711 (closing of yesterday's daily candlestick) will move up to the target of 1.3823 - the 38.2% retracement level (blue dotted line). From this level, a rollback downward is possible.
Alternative scenario: from the level of 1.3711 (closing of yesterday's daily candlestick), the price may continue to move upward with the target at 1.3726 - the 23.6% retracement level (blue dashed line). From this level, it may start moving downward with the target of 1.3591 - the lower fractal (daily candle from 21.07.2021).
