Trend analysis (Fig. 1).
The market may move up on Wednesday from the level of 1.0896 (close of yesterday's daily candle) to the target level of 1.0965, the 23.6% retracement level (blue dotted line). After testing this level, the price may continue to move up to the target level of 1.1004, the 8 EMA (thin blue line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion:
The price may move up from the level of 1.0896 (close of yesterday's daily candle) to the target level of 1.0965, the 23.6% retracement level (blue dotted line). After testing this level, the price may continue to move up to the target level of 1.1004, the 8 EMA (thin blue line).
Alternative scenario: from the level of 1.0896 (close of yesterday's daily candle), the price may move up to the target level of 1.0965, the 23.6% retracement level (blue dotted line). After testing this level, the price may start moving down to the target level of 1.0897, the 161.8% Fibonacci level (red dotted line). In case of testing this level, the price may move up to the target level of 1.0965, the 23.6% retracement level (blue dotted line).
