Trend analysis (Fig. 1).
The market may move upward from 1.2258 (close of yesterday's daily candle) to the target of 1.2384, the 61.8% retracement level (red dotted line). After testing this level, the price may continue to move upward with the target of 1.2492, the 76.4% retracement level (red dotted line). Upon reaching this level, a downward pullback is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – up.
Today the price may move upward from 1.2258 (close of yesterday's daily candle) to the target of 1.2384, the 61.8% retracement level (red dotted line). After testing this level, the price may continue to move upward with the target of 1.2492, the 76.4% retracement level (red dotted line). Upon reaching this level, a downward pullback is possible.
Alternative scenario: from the level of 1.2258 (close of yesterday's daily candle), the price may move upward to the upper fractal at 1.2323 (daily candle from 06/21/2022). After testing this level, a downward pullback is possible with the target of 1.2223, the 38.2% retracement level (yellow dotted line). Upon reaching this level, the price may move up.
