Trend analysis (Fig. 1).
The market may move up on Thursday from the level of 1.3199 (closing of Wednesday's daily candle) to the target of 1.3264 - the 14.6% retracement level (yellow dashed line). Upon testing this level, the upward trend may continue with the target at 1.3325 - the 23.6% retracement level (blue dashed line).
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:
The price may move up from the level of 1.3199 (closing of Wednesday's daily candle) to the target of 1.3264 - the 14.6% retracement level (yellow dashed line). Upon testing this level, the upward trend may continue with the target at 1.3325 - the 23.6% retracement level (blue dashed line).
Alternative scenario: from the level of 1.3199 (closing of Wednesday's daily candle), the price may move down to the target of 1.3167 - the lower fractal (yellow dashed line). Upon testing this level, the price may move up to work out the target at 1.3264 - the 14.6% retracement level (yellow dashed line).
