Trend analysis (Fig. 1).
On Wednesday, the price from the level of 1.1119, could possibly move up with the target of 1.1181 - the upper fractal (red dashed line). From this level, there is a good opportunity to continue to work up with the target of 1.1209 - a pullback level of 61.8% (blue dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - down;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - down;
- trend analysis - up;
- Bollinger Lines - up;
- weekly schedule - up.
General conclusion:
On Wednesday, an upward movement is possible.
The first upper target of 1.1181 is the upper fractal (red dashed line).
The next upper target of 1.1209 is the pullback level of 61.8% (blue dashed line).
An unlikely scenario is from the level of 1.1118, the support line (red bold line) will work down with the target of 1.1066 - pullback level of 32.8% (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com