Trend analysis (Figure 1).
On Wednesday, starting from the 1.1598 level (yesterday's daily close), the market may begin an upward move toward the 23.6% retracement at 1.1631 (yellow dotted line). Upon testing this level, the price may retreat toward the 61.8% retracement at 1.1593 (blue dotted line).
Figure 1: (Daily chart)
Comprehensive analysis:
- indicator-based analysis – up
- Fibonacci levels – up
- volume analysis – down
- candlestick analysis – down
- trend analysis – up
- Bollinger Bands – up
- weekly chart – up
Conclusion: bullish outlook
Alternative scenario: From the 1.1598 level (previous daily close), the euro/dollar pair may attempt an upward move toward 1.1608, a historical resistance level (light blue dotted line). If tested, the price could face pressure and retreat toward the 61.8% retracement at 1.1593 (blue dotted line).
