Trend analysis (Fig. 1).
Today, the market from the level of 1.1771 (closing of yesterday's daily candlestick) will try to roll back downwards in order to test the 23.6% retracement level, 1.1748 (yellow dashed line). Upon reaching this level, the price may continue to move upward with the target at 1.1787 - the 50.0% retracement level (blue dashed line). When this level is tested, the upward movement may continue.
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the market from the level of 1.1771 (closing of yesterday's daily candlestick) will try to roll back downwards in order to test the 23.6% retracement level, 1.1748 (yellow dashed line). Upon reaching this level, the price may continue to move upward with the target at 1.1787 - the 50.0% retracement level (blue dashed line). When this level is tested, the upward movement may continue.
Alternative scenario: from the level of 1.1771 (closing of yesterday's daily candlestick), it will try to roll back downwards in order to test the 23.6% retracement level, 1.1748 (yellow dashed line). Upon reaching this level, the price may continue to move down with the target at 1.1732 - the retracement level of 38.2% (yellow dashed line). When this level is tested, it is possible to move upward.
