Trend Analysis (Fig. 1)
On Friday, from the level of 1.1646 (yesterday's daily candle close), the market may begin moving upward toward 1.1697 – the 76.4% retracement level (yellow dotted line). Upon testing this level, a pullback down is possible toward 1.1680 – the 14.6% retracement level (blue dotted line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
- Indicator analysis – upward;
- Fibonacci levels – upward;
- Volumes – upward;
- Candlestick analysis – upward;
- Trend analysis – upward;
- Bollinger Bands – upward;
- Weekly chart – upward.
Overall conclusion: Uptrend.
Alternative scenario: Today, from the level of 1.1646 (yesterday's daily candle close), the price may start moving upward toward 1.1697 – the 76.4% retracement level (yellow dotted line). Upon testing this level, the upward move may continue toward 1.1730 – the upper fractal (blue dotted line).
