Trend analysis (Fig. 1)
The price from the level of 1.1592 (closing of yesterday's daily candle) is likely to decline to the level of 1.1560 – the pullback level of 50% (blue dotted line) today. After this level is tested, it may start rising to the target of 1.1615 – the pullback level of 23.6% (yellow dotted line) and then resume the upward movement to the target of 1.1671 – the pullback level of 38.2% (yellow dotted line).
Figure 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 from the level of 1.1592 (closing of yesterday's daily candle) may fall to the level of 1.1560 – the pullback level of 50% (blue dotted line). Once tested, it may start growing to the target of 1.1615 – the pullback level of 23.6% (yellow dotted line). After that, the upward movement may continue to the target of 1.1671 – the pullback level of 38.2% (yellow dotted line).
Alternatively, the price from the level of 1.1592 (closing of yesterday's daily candle) may continue to decline to the target of 1.1554 – the support line (blue bold line). After testing it, it may rise to the target of 1.1580 – the pullback level of 14.6% (yellow dotted line).
