The pair on Wednesday moved to the side channel before interest rates. The price, after having once again tested the support line 1.1103 (red bold line), went up. The news coincided with the trend of technical analysis. On Thursday, strong calendar news is expected at 13.00 Moscow time (Euro). On Thursday, we are waiting for an uptrend.
Trend analysis (Fig. 1).
On Thursday, the market may try to break through the upper fractal - 1.1181 upper fractals. If successful, the next target 1.1209 is a retracement level of 61.8% (blue dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
On Thursday, upward movement is possible.
The first upper target 1.1181 is the upper fractal.
If successful, the next target 1.1209 is a retracement level of 61.8% (blue dashed line).
An unlikely lower scenario is a downward movement with the target 1.1137 - a pullback level of 14.6% (red dashed line).
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