Trend Analysis (Fig. 1).
On Friday, the market may continue moving upward from the 1.1546 level (yesterday's daily close) with a target of 1.1574 – the 23.6% retracement level (yellow dashed line). Upon testing this level, a pullback downward is possible toward 1.1556 – the historical resistance level (blue dashed line).
Fig. 1 (Daily Chart).
Comprehensive Analysis:
- Indicator analysis – upward;
- Fibonacci levels – upward;
- Volume analysis – upward;
- Candlestick analysis – downward;
- Trend analysis – upward;
- Bollinger Bands – downward;
- Weekly chart – upward.
Overall conclusion: Upward trend.
Alternative scenario:Today, from the 1.1546 level (yesterday's daily close), the price may continue moving upward toward 1.1593 – the 61.8% retracement level (blue dashed line). Upon testing this level, a pullback downward is possible toward 1.1574 – the 23.6% retracement level (yellow dashed line).
