Trend analysis (Fig. 1).
The market may move up on Wednesday from the level of 1.3496 (close of yesterday's daily candle) to reach 1.3554, the 38.2% retracement level (blue dotted line). In case of testing this level, the upward movement may continue with the target at 1.3587, the resistance line (blue bold line).
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Weekly chart - up;
- Bollinger Bands - up.
General conclusion:
The price may move up from the level of 1.3496 (close of yesterday's daily candle) to reach 1.3554, the 38.2% retracement level (blue dotted line). In case of testing this level, the upward movement may continue with the target at 1.3587, the resistance line (blue bold line).
Unlikely scenario: from the level of 1.3496 (close of yesterday's daily candle), the price may start moving down to the lower fractal 1.3435 (blue dotted line). In case of testing this level, the price may begin to move up.
