The pair made rebound on Friday and passed 80 points and above after breaking through the pullback level of 38.2% equivalent to 1.1088 presented in a blue dotted line. Today, strong calendar news for the euro is expected at 08:55 UTC and for the dollar at 15:00 UTC. On Monday, the upward movement may continue.
Trend analysis (Fig. 1).
An upward movement is possible today with the first target of 1.1117, the pullback level of 50.0% presented in a blue dashed line. Upon reaching this level, there is a continuation of work upwards with the goal of 1.1146, the retracement level of 61.8% presented in a blue dotted line.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - down;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
An upward movement is expected today with the first target of 1.1117, the pullback level of 50.0% presented in a blue dashed line.
An unlikely but possible scenario is from the upper fractal 1.1098, presented in a red dashed line, the price will go down to 1.1058, the retracement level of 38.2% presented in a red dashed line.
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