Trend analysis (Fig. 1).
On Thursday, the market from the level of 1.2384 (yesterday's closing of the daily candlestick) can continue to move up, with the target at 1.2518 - a pullback level of 61.8% (red dashed line). If this level is broken up, the upward movement will continue with the target at 1.2779 - a pullback level of 76.4% (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - neutral;
- trend analysis - up;
- Bollinger Lines - up;
- weekly schedule - up.
General conclusion:
Today, the price's upward movement is possible with the target at 1.2518 - a pullback level of 61.8% (red dashed line).
An unlikely scenario: working down from the level of 1.2384 (yesterday's closing of the daily candlestick), with the target of 1.2306 - a pullback level of 50.0% (red dashed line).
The material has been provided by InstaForex Company - www.instaforex.com