The EUR/USD pair moved down and tested the support line 1.0788 (blue bold line) on Thursday and then increased. Today, the price can rebound from the pullback level of 76.4% - 1.0797 (red dotted line) and then likely begin to move up. On Friday, strong calendar news is expected at 8.00 Universal time (Euro), 12.30 and 14.00 Universal time (dollar).
Trend analysis (Fig. 1).
On Friday, the market from the level of - 1.0807 (closing of yesterday's candlestick) can start to move up with the target of 1.0864 - a pullback level of 38.2% (blue dashed line). It is very likely that from this level, the price can continue to develop upwards with the target of 1.0894 - a pullback level of 50% (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - down;
- candlestick analysis - down;
- trend analysis - up;
- Bollinger Lines - down;
- weekly schedule - up.
General conclusion:
Today, the price will continue to move up with the target of 1.0894 - a pullback level of 50% (blue dashed line).
An unlikely scenario: working down to reach a pullback level of 85.4% - 1.0770 (red dashed line) from a pullback level of 14.6% - 1.0804 (blue dashed line).
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