Trend Analysis (Fig. 1)
On Tuesday, from the level of 1.1556 (the close of yesterday's daily candle), the market may begin to move upward with a target of 1.1584 – the 21-period EMA (thin black line). When testing this line, the price may possibly pull back downward to test the retracement level of 14.6% – 1.1534 (thin yellow line).
Fig. 1 (Daily Chart)
Comprehensive Analysis:
- Indicator analysis – upward
- Volume – upward
- Candlestick analysis – upward
- Trend analysis – upward
- Bollinger Bands – upward
- Weekly chart – upward
Overall conclusion: upward trend.
Alternative scenario:From the level of 1.1556 (the close of yesterday's daily candle), the price may begin to move upward with a target of 1.1593 – the 61.8% retracement level (blue dashed line). Upon testing this level, the price may possibly pull back downward toward 1.1534 – the 14.6% retracement level (yellow dashed line).
