The pair moved up on Monday, tested 1.3660 - the 50% retracement level (yellow dashed line), then went down, closing the daily candle at 1.3591. Today, the market may move upward. News is expected at 06:00 UTC (pound) and 14:00 UTC (dollar).
Trend analysis (Fig. 1).
The market will try to move upward from the level of 1.3591 (closing of yesterday's daily candle) with the target of 1.3660 - the 50.0% retracement level (yellow dashed line). In the case of testing this level, the price may continue to move upward with the target at 1.3719 - the 61.8% 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 - down;
- Weekly chart - up.
General conclusion:
Today, the price will try to move upward from the level of 1.3591 (closing of yesterday's daily candle) with the target of 1.3660 - the 50.0% retracement level (yellow dashed line). In the case of testing this level, the price may continue to move upward with the target at 1.3719 - the 61.8% retracement level (yellow dashed line).
Unlikely scenario: from the level of 1.3591 (closing of yesterday's daily candle), the price will try to continue moving downward with the target of 1.3572 - the 38.2% retracement level (blue dotted line). In the case of testing this level, further upward movement with the target of 1.3660 - the 50% retracement level (blue dashed line).
