Trend analysis (pic. 1).
On Thursday, the pair may try to roll back up from the level of 1.1815 (the closing of yesterday's daily candlestick) in order to test the retracement level of 23.6% - 1.1827 (yellow dotted line). When this level is reached, the price is likely to continue to move up with the target level of 1.1842 – a retracement level of 38.2% (yellow dotted line). If this level is touched, the pair will keep rising. Its further trajectory depends on the results of reports that are due at 14:45 and 15:30 MSK (EUR), 15:30 and at 18:00 MSK (USD).
Pic. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - down;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger bands - up;
- weekly chart - up.
Conclusion:
On Thursday, the pair may try to roll back up from the level of 1.1815 (the closing of yesterday's daily candlestick) in order to test the retracement level of 23.6% - 1.1827 (yellow dotted line). If this level is reached, the price may continue to move up with the target level of 1.1842 – a retracement level of 38.2% (yellow dotted line). If this level is touched, the pair will gain momentum.
Alternatively, it may continue to decline from the level of 1.1815 (closing of yesterday's daily candlestick) in order to test the retracement level of 50.0% - 1.1786 (red dotted line). When this level is reached, the price may start moving up with the target level of 1.1811- the historical resistance level (blue dotted line). When testing this level, the pair is likely to lift higher.
