Trend Analysis (Fig. 1)
On Wednesday, from the 1.1481 level (yesterday's daily close), the market may begin moving upward toward 1.1516, the 76.4% retracement level (blue dotted line). Upon testing this level, the price may then pull back downward toward 1.1472, the historical support level (blue dotted line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
- Indicator analysis – upward
- Fibonacci levels – upward
- Volume analysis – downward
- Candlestick analysis – upward
- Trend analysis – upward
- Bollinger Bands – upward
- Weekly chart – upward
Overall conclusion: upward trend.
Alternative scenario: From the 1.1481 level (yesterday's daily close), the price may begin moving upward toward 1.1542, the 8-period EMA (thin blue line). Upon testing this line, the price may then pull back downward toward 1.1516, the 76.4% retracement level (blue dotted line).
