Trend analysis (Fig. 1).
The market may move up on Wednesday from the level of 1.1357 (close of yesterday's daily candle) to the target level of 1.1382, the 50% retracement level (blue dotted line). After testing this level, the price may continue to move upward to the target level of 1.1406, the 61.8% retracement level (blue dotted line). A downward rollback may begin from this level.
Fig. 1 (daily chart)
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion:
The price may move up from the level of 1.1357 (close of yesterday's daily candle) to the target level of 1.1382, the 50% retracement level (blue dotted line). After testing this level, the price may continue to move upward to the target level of 1.1406, the 61.8% retracement level (blue dotted line). A downward rollback may begin from this level.
Unlikely scenario: from the level of 1.1357 (the close of yesterday's daily candle), the price may start to move down to the target level of 1.1302, the 50% retracement level (red dotted line). When testing this level, the price may move upward to the target level of 1.1328, the 23.6% retracement level (blue dotted line).
