The pair moved down on Monday, almost testing the 5-day EMA at 1.1852 (red thin line). The market closed the daily candle at 1.1869. Today, the price may continue to move up. Based on the economic calendar, news is expected at 09:00 UTC (euro).
Trend analysis (Fig. 1).
The market may continue to move upward from the level of 1.1869 (closing of Monday's daily candle) with the target at 1.1909 - the upper fractal (red dotted line). After a test of this level, the price may continue to move upward with the target at 1.1941 - the upper border of the Bollinger line indicator (black dashed line).
Fig. 1 (Daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may continue to move upward from the level of 1.1869 (closing of Monday's daily candle) with the target at 1.1909 - the upper fractal (red dotted line). After a test of this level, the price may continue to move upward with the target at 1.1941 - the upper border of the Bollinger line indicator (black dashed line).
Alternative scenario: from the level of 1.1869 (closing of Monday's daily candle), the price may move down with the target at 1.1850 - the 23.6% retracement level (red dotted line). A test of this line may form an upward pullback with the target at 1.1909 - the upper fractal (red dotted line).
