The pair traded downward on Monday and tested the historical support at 1.1770 (blue dotted line), then went up, closing the daily candle at 1.1809. 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 1.1809 (closing of yesterday's daily candle) with the target of 1.1823 - the 38.2% retracement level (yellow dashed line). After a test of this level, the price may continue to move upward with the target at 1.1839 - the 50.0% retracement level (yellow 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 1.1809 (closing of yesterday's daily candle) with the target of 1.1823 - the 38.2% retracement level (yellow dashed line). After a test of this level, the price may continue to move upward with the target of 1.1839 - the 50.0% retracement level (yellow dashed line).
Alternative scenario: the price may move downward from the level of 1.1809 (closing of yesterday's daily candle) with the target at 1.1786 - the 50.0% retracement level (red dotted line). After a test of this level, the price may continue to move upward, with the target at 1.1803 - the 23.6% retracement level (yellow dashed line).
