Trend Analysis (Fig. 1)
On Wednesday, from the level of 1.1673 (yesterday's daily candle close), the market may continue moving upward toward 1.1697 – the 76.4% retracement level (yellow dotted line). Upon testing this level, the price may continue rising toward 1.1731 – the 85.4% retracement level (yellow dotted line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
- Indicator analysis – upward;
- Fibonacci levels – upward;
- Volumes – upward;
- Candlestick analysis – downward;
- Trend analysis – upward;
- Bollinger Bands – upward;
- Weekly chart – upward.
Overall conclusion: Upward trend.
Alternative scenario: From the level of 1.1673 (yesterday's daily candle close), the price may continue moving upward toward 1.1697 – the 76.4% retracement level (yellow dotted line). Upon testing this level, the price may retrace downward toward 1.1689 – the historical support level (blue dotted line).
