Trend analysis (picture 1)
EUR/USD closed at 1.0887 yesterday that is also the level of closing yesterday's daily candle. On Thursday, the price will try to extend its upward move with the target at 1.0953 that is the 38.2% Fibonacci retracement level plotted by the red dotted line. If this level is tested, the price could retrace downwards aiming to test 1.0903, an 8-period EMA plotted by the thin blue line. Once this target is reached, the price might proceed with its upward move.
Picture 1: daily chart
Complex analysis
- Indicator analysis – up
- Fibonacci levels – up
- Trade volumes – up
- Candlestick analysis – up
- Trend analysis – up
- Bollinger bands – up
- Weekly chart – up
Conclusion
EUR/USD closed at 1.0887 yesterday that is also the level of closing yesterday's daily candle. On Thursday, the price will try to extend its upward move with the target at 1.0953 that is the 38.2% Fibonacci retracement level plotted by the red dotted line. If this level is tested, the price could retrace downwards aiming to test 1.0903, an 8-period EMA plotted by the thin blue line. Once this target is reached, the price might proceed with its upward move.
Least probable scenario
EUR/USD might try to extend its decline from 1.0887, the level of closing yesterday's daily candlestick, with the downward target at 1.0837 that is the historic support level plotted by the blue dotted line on the chart. After this level is tested, the price might proceed with its upward move.
