Trend analysis (Fig. 1).
The market may roll back up from the level of 1.1686 (closing of yesterday's daily candle) to test 1.1716 - the 14.6% retracement level (yellow dashed line). Upon reaching this level, the price may continue to move upward with the target at 1.1736 - the 23.6% retracement level (yellow dashed line). In case of touching this level, the upward movement may continue.
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the market may roll back up from the level of 1.1686 (closing of yesterday's daily candle) to test 1.1716 - the 14.6% retracement level (yellow dashed line). Upon reaching this level, the price may continue to move upward with the target at 1.1736 - the 23.6% retracement level (yellow dashed line). In case of touching this level, the upward movement may continue.
Alternative scenario: from the level of 1.1686 (closing of yesterday's daily candle), the price may move upward to test 1.1716 - the 14.6% retracement level (yellow dashed line). Upon reaching this level, the price may move downward with the target at 1.1683 - the lower fractal (yellow dashed line). A test of this level may form an upward pullback.
