Trend analysis (Fig. 1).
The euro-dollar pair may move up from 1.2258 (close of Friday's daily candle) to the target of 1.2320, the 14.6% retracement level (red dotted line). Upon reaching this level, the price may continue to move upward with the target at 1.2423, the 23.6% retracement level (red dotted line). When testing this level, a downward pullback is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – down;
- Candlestick analysis – up;
- Trend analysis – down;
- Bollinger bands – down;
- Weekly chart – up.
Today, the price may move up from 1.2258 (close of Friday's daily candle) to the target of 1.2320, the 14.6% retracement level (red dotted line). Upon reaching this level, the price may continue to move upward with the target at 1.2423, the 23.6% retracement level (red dotted line). When testing this level, a downward pullback is possible.
Alternative scenario: from the level of 1.2258 (close of Friday's daily candle), the price may move down to the lower fractal at 1.2154 (red dotted line). From this level, upward movement is possible with the target at 1.2320, the 14.6% retracement level (red dotted line).
