Trend analysis (Fig. 1)
On Thursday, the price will try to retrace down from the 1.1075 level (the close of yesterday's daily candlestick), with the target at 1.1052, in line with the 14.6% retracement level (the yellow dotted line). When the mark is reached, the quote may go up and test the 50.0% retracement level of 1.1145 (the dashed blue line). If so, the pair may continue to move up with the target at 1.1190, the historic resistance level (the blue dotted line).
Fig. 1 (daily chart)
Comprehensive analysis:
- indicator analysis - up
- Fibonacci levels - up
- volume analysis - up
- candlestick analysis - up
- trend analysis - up
- Bollinger bands - up
- weekly chart - up
Conclusion:
On Thursday, the price will try to retrace down from the 1.1075 level (the close of yesterday's daily candlestick), with the target at 1.1052, in line with the 14.6% retracement level (the yellow dotted line). When the mark is reached, the quote may go up and test the 50.0% retracement level of 1.1145 (the dashed blue line). If so, the pair may continue to move up with the target at 1.1190, the historic resistance level (the blue dotted line).
Alternative scenario: the quote will move down from the 1.1075 level (the close of yesterday's daily candlestick) and attempt to test the 23.6% retracement level of 1.1026 (the yellow dotted line). Upon reaching this level, the price may ascend to the 1.1064 target, in line with the 38.2% retracement level (the dashed blue line). The upward movement may continue after a test.
