Trend analysis (Fig. 1).
The market may move up on Wednesday from the level of 1.3097 (close of yesterday's daily candle) to 1.3162, the 14.6% retracement level (blue dotted line). In case of testing this level, the price may continue to move up to the target level of 1.3213, the 23.6% retracement level (blue dotted line). From here, further upward movement is possible.
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 1.3097 (close of yesterday's daily candle) to 1.3162, the 14.6% retracement level (blue dotted line). In case of testing this level, the price may continue to move up to the target level of 1.3213, the 23.6% retracement level (blue dotted line). From here, further upward movement is possible.
Unlikely scenario: from the level of 1.3097 (close of yesterday's daily candle), the price may start moving up to 1.3162, the 14.6% retracement level (blue dotted line). In case of testing this level, the price may move down to the target level of 1.3081, the lower fractal (blue dotted line).
