Trend analysis (Fig. 1).
The market may move up from the level of 1.2316 (close of yesterday's daily candle) to the target of 1.2423, the 23.6% retracement level (red dotted line). When testing this level, the price may continue to move upward to 1.2487, the historical resistance level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – up.
Today, the price may move up from 1.2316 (close of yesterday's daily candle) to the target of 1.2423, the 23.6% retracement level (red dotted line). When testing this level, the price may continue to move upward to 1.2487, the historical resistance level (blue dotted line).
Alternative scenario: from the level of 1.2316 (close of yesterday's daily candle), the price may move up with the target of 1.2423, the 23.6% retracement level (red dotted line). When testing this level, the price may move downward with the target of 1.2213, the historical resistance level (blue dotted line). When testing this level, the price may move up.
