Trend analysis (Fig. 1).
On Friday, the price is likely to go down from 1.1369 (closing level of yesterday's daily candlestick) to the target seen at the 23.6% retracement level (1.1347, red dotted line). After testing this mark, the upward trend could resume. If so, the target will be seen at the 38.2% retracement level (1.1427, blue dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
- indicator analysis - uptrend
- Fibonacci retracements analysis - uptrend
- volume analysis - uptrend
- candlestick analysis - uptrend
- trend analysis - uptrend
- Bollinger bands analysis - uptrend
- weekly chart analysis - uptrend
Conclusion
Today, the price is likely to go down from 1.1369 (closing level of yesterday's daily candlestick) to the target seen at the 23.6% retracement level (1.1347, red dotted line). After testing this mark, the upward trend could resume. If so, the target will be seen at the 38.2% retracement level (1.1427, blue dotted line).
Alternatively, the price is likely to fall from 1.1369 (closing level of yesterday's daily candlestick) to the 38.2% retracement level (1.1331, red dotted line). After testing this mark, the upward trend could resume. If so, the target will be seen at the 23.6% retracement level (1.1364, blue dotted line).
