The pair moved down on Thursday and closed the daily candle at 1.1576. Today, the market may roll back up. News is expected at 07:55, 09:00 UTC (euro), and 14:00 UTC (dollar).
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1576 (closing of yesterday's daily candle) with the target of 1.1613 - the 14.6% retracement level (yellow dashed line). After testing this level, the upward movement may continue with the target of 1.1644 - 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 - down;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price may move upward from the level of 1.1576 (closing of yesterday's daily candle) with the target of 1.1613 - the 14.6% retracement level (yellow dashed line). After testing this level, the upward movement may continue with the target of 1.1644 - the 23.6% retracement level (yellow dashed line).
Alternative scenario: from the level of 1.1576 (closing of yesterday's daily candle), the price may move down to 1.1512 - the 161.8% target level (red dashed line). After testing this level, the price may move up to 1.1562 - the lower fractal (yellow dashed line).
