Trend analysis (Fig. 1).
The euro-dollar pair may move upward from the level of 0.9998 (close of yesterday's daily candle) to 1.0056, the 38.2% retracement level (white dotted line). Upon reaching this level, an upward movement is possible with the target of 1.0079, the 50.0% retracement level (white dotted line). When testing this level, the price may move down.
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.
General conclusion:
Today the price may move upward from the level of 0.9998 (close of yesterday's daily candle) to 1.0056, the 38.2% retracement level (white dotted line). Upon reaching this level, an upward movement is possible with the target of 1.0079, the 50.0% retracement level (white dotted line). When testing this level, the price may move down.
Alternative scenario: from the level of 0.9998 (close of yesterday's daily candle), the price may move upward to 1.0056, the 38.2% retracement level (white dotted line). Upon reaching this level, a downward pullback is possible to test 1.0032, the 23.6% retracement level (red dotted line). After testing this level, the price may resume moving upward with the target of 1.0079, the 50.0% retracement level (white dotted line).
