Trend Analysis (Fig. 1).
On Wednesday the market, from the 1.1625 level (yesterday's daily candle close), may start moving upward toward 1.1655 – the 50% retracement level (blue dashed line). When testing this level, the price may possibly pull back downward toward 1.1640 – the 38.2% retracement level (yellow dashed line).
Fig. 1 (daily chart).
Comprehensive Analysis:
- indicator analysis – upward;
- Fibonacci levels – upward;
- volumes – downward;
- candlestick analysis – upward;
- trend analysis – upward;
- Bollinger Bands – upward;
- weekly chart – upward.
Overall conclusion: an upward trend.
Alternative scenario: From the 1.1625 level (yesterday's daily candle close), the price may begin an upward movement toward 1.1640 – the 38.2% retracement level (yellow dashed line). When testing this level, the price may possibly pull back downward toward 1.1608 – the historical support level (light blue dashed line).
