Trend analysis (Fig. 1)
EUR/USD is likely to increase today, from 1.1577 (closing of yesterday's daily candle) to the 23.6% retracement level (yellow dashed line) - 1.1615. Afterwards, it will go further up to the 38.2% retracement level (yellow dashed line) - 1.1671.
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - uptrend;
- Fibonacci levels - uptrend;
- Volumes - uptrend;
- Candlestick analysis - uptrend;
- Trend analysis - uptrend;
- Bollinger bands - downtrend;
- Weekly chart - uptrend.
Conclusion: EUR/USD should rise from 1.1577 (closing of yesterday's daily candle) to the 23.6% retracement level (yellow dashed line) - 1.1615, and then climb to the 38.2% retracement level (yellow dashed line) - 1.1671.
That being said, there is little chance for EUR/USD to drop from 1.1577 (closing of yesterday's daily candle) to the support line (blue bold line) - 1.1550, and then go up to the 14.6% retracement level (yellow dashed line) - 1.1580.
