Trend analysis (Fig. 1).
The euro-dollar pair may move up from the level of 1.0652 (close of yesterday's daily candle) to test 1.0711, the 61.8% retracement level (red dotted line). Upon reaching this level, the price may continue to move upward to the upper fractal 1.0786 (yellow dotted line). From here, a downward pullback is possible with the target of 1.0722, the 14.6% retracement level (yellow 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 the level of 1.0652 (close of yesterday's daily candle) to test 1.0711, the 61.8% retracement level (red dotted line). Upon reaching this level, the price may continue to move upward to the upper fractal 1.0786 (yellow dotted line). From here, a downward pullback is possible with the target of 1.0722, the 14.6% retracement level (yellow dotted line).
Alternative scenario: from the level of 1.0652 (close of yesterday's daily candle), the price may move up to test 1.0711, the 61.8% retracement level (red dotted line). Upon reaching this level, the price may move down to the resistance at 1.0645 (white thick line). From here, an upward movement is possible.
