The pair traded upward on Thursday and tested 1.3866 - the 85.4% retracement level (blue dotted line), then the price went down, closing the daily candle at 1.3832. Today, the upward movement may continue. News is expected at 12:30 UTC (dollar).
Trend analysis (Fig. 1).
The market may continue to move upward from the level of 1.3832 (closing of Thursday's daily candle) with the target of 1.3890 - the upper fractal (daily candle from 09/06/2021). After testing this level, the price may continue to move upward with the next target at 1.3969 - the upper border of the Bollinger Band indicator (black dashed line). A rollback downward is possible from this level.
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 1.3832 (closing of Thursday's daily candle) with the target of 1.3890 - the upper fractal (daily candle from 09/06/2021). After testing this level, the price may continue to move upward with the next target at 1.3969 - the upper border of the Bollinger Band indicator (black dashed line). A rollback downward is possible from this level.
Unlikely scenario: from the level of 1.3832 (closing of Thursday's daily candle), the price may move upward with the target of 1.3867 - the 85.4% retracement level (blue dotted line). After testing this level, the price may roll back down with the target of 1.3822 - the 23.6% retracement level (yellow dashed line).
