Trend analysis (Fig. 1).
The market may move up on Wednesday from the level of 1.3034 (close of yesterday's daily candle) to 1.3093, 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 1.3150, 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 1.3034 (close of yesterday's daily candle) to 1.3093, 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 1.3150, the 23.6% retracement level (blue dotted line). From here, further upward movement is possible.
Unlikely scenario: from the level of 1.3034 (close of yesterday's daily candle), the price may move upward to 1.3093, the 14.6% retracement level (blue dotted line). In case of testing this level, the price may move downwards to the target level of 1.2997, the support line (thick white line). From here, the price may move up.
