The pair moved down on Monday, tested the lower fractal 1.1683 (yellow dashed line), then went up, closing the daily candle at 1.1695. Today, the market may move up. News is expected at 12:00 UTC (euro) and 14:00 UTC (dollar).
Trend analysis (Fig. 1).
The market moved down from the level of 1.1695 (closing of yesterday's daily candle), once again tries to break through the lower fractal 1.1683 (yellow dashed line), and, most likely, after that, it will go up with the target at 1.1716 - a 14.6% retracement level (yellow dashed line ). After testing this level, the price may continue to move upward with the target of 1.1736 - the 23.6% 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 moved down from the level of 1.1695 (closing of yesterday's daily candle), once again tries to break through the lower fractal 1.1683 (yellow dashed line), and, most likely, after that, it will go up with the target at 1.1716 - a 14.6% retracement level (yellow dashed line ). After testing this level, the price may continue to move upward with the target of 1.1736 - the 23.6% retracement level (yellow dashed line).
Unlikely scenario: from the level of 1.1695 (closing of yesterday's daily candle), the price may move downward with the target at 1.1663 - the lower fractal (red dotted line). After testing this level, the price may continue to move upward with the target of 1.1716 - the 14.6% retracement level (yellow dashed line).
