The pair moved down on Friday to the border of the Bollinger line indicator at 1.1570 (black dotted line), then moved up to the resistance at 1.1609 (blue dotted line) and closed the candlestick at 1.1592. Today, the market may continue to move upward. News is not expected.
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1592 (closing of Friday's daily candle) with the target at 1.1609 - the historical support level (blue dotted line). In the case of testing this level, the upward movement may continue with the next target at 1.1643 - the 23.6% retracement level (yellow dashed line). Upon reaching this level, the price may continue to move up.
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 1.1592 (closing of Friday's daily candle) with the target at 1.1609 - the historical support level (blue dotted line). In the case of testing this level, the price may continue to move up with the next target at 1.1643 - the 23.6% retracement level (yellow dashed line). Upon reaching this level, the price may continue to move up.
Unlikely scenario: from the level of 1.1592 (closing of Friday's daily candle), the price may move downward with the target at 1.1512 - the 161.8% target level (red dotted line). In the case of testing this level, the price may move upward with the target at 1.1562 - the lower fractal (yellow dashed line). Upon reaching this level, further upward movement is possible.
