Trend Analysis (Fig. 1).
On Thursday, the market, from the level of 1.3046 (yesterday's daily candle close), may continue moving upward toward the target of 1.3110 – the 161.8% target level (red dotted line). From this level, the price may possibly pull back downward toward 1.3077 – the 176.4% target level (red 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: upward trend.
Alternative scenario: From the level of 1.3046 (yesterday's daily candle close), the price may continue moving upward toward the target of 1.3148 – a historical resistance level (blue dotted line). From this level, the price may possibly pull back downward toward 1.3110 – the 161.8% target level (red dotted line).
