The pair traded downward on Thursday, reaching 1.1757 - the 61.8% retracement level (red dotted line), then closed the daily candle at 1.1764. Today, the market may roll back up. News is expected at 09:00 UTC (euro).
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1764 (closing of yesterday's daily candle) with the target of 1.1787 - the 23.6% retracement level (yellow dashed line). After testing this level, the upward movement may continue with the target of 1.1810 - the 38.2% 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 move upward from the level of 1.1764 (closing of yesterday's daily candle) with the target of 1.1787 - the 23.6% retracement level (yellow dashed line). After testing this level, the price may continue to move upward with the target of 1.1810 - the 38.2% retracement level (yellow dashed line).
Alternative scenario: the price may move downward from the level of 1.1764 (closing of yesterday's daily candle) with the target of 1.1723 - the support line (white thick line). After testing this line, the price may roll back up and reach the lower fractal at 1.1750 (yellow dashed line).
