Trend analysis (Fig. 1).
The market may move up on Wednesday from the level of 1.3534 (close of yesterday's daily candle) to 1.3579, the 61.8% retracement level (yellow dotted line). In case of testing this level, the price may continue to move upward to the target level of 1.3630, the resistance level (yellow bold line). Upon reaching this level, the price may start to move down.
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 1.3534 (close of yesterday's daily candle) to 1.3579, the 61.8% retracement level (yellow dotted line). In case of testing this level, the price may continue to move upward to the target level of 1.3630, the resistance level (yellow bold line). Upon reaching this level, the price may start to move down.
Unlikely scenario: from the level of 1.3534 (close of yesterday's daily candle), the price may start to move up to 1.3579, the 61.8% retracement level (yellow dotted line). In case of testing this level, the price may start to move downwards to the target level of 1.3499, the 50.0% retracement level (red dotted line).
