Trend analysis (Picture 1)
On Friday, the pair is likely to decline to 1.3305, the 76.4% retracement level (a yellow dotted line), from 1.3344 (the close price of yesterday's daily candlestick). Once the price hits this level, it may start rising to 1.3358, the 23.6% retracement level (a blue dotted line).
Picture 1 (daily chart)
Comprehensive analysis:
- Indicator analysis points to the upward movement;
- Fibonacci levels point to the upward movement;
- Volume analysis points to the upward movement;
- Candlestick analysis points to the upward movement;
- Trend analysis points to the upward movement;
- Bollinger bands point to the upward movement;
- Weekly chart points to the upward movement.
Conclusion:
Today, the pair is likely to decline to 1.3305, the 76.4% retracement level (a yellow dotted line), from 1.3344 (the close price of yesterday's daily candlestick). Once the price hits this level, it may start rising to 1.3358, the 23.6% retracement level (a blue dotted line).
A hardly possible scenario: price may continue falling to 1.3270 (a blue dotted line) from 1.3344 (the close price of yesterday's daily candlestick). Once the price touches this level, it may start climbing to 1.3325, the 14.6% retracement level (a blue dotted line).
