The pair traded upward on Tuesday and almost tested 1.0983 - an 85.4% pullback level (presented in a blue dotted line) and after that, it went 52 points downwards. Today, the price may continue to move up. Economic calendar news for the euro is expected at 09:00 UTC, and for the dollar at 14:30 and 18:00 UTC.
Trend analysis (Fig. 1).
Today, the upward trend is likely to continue from the level of 1.0925 (closing of yesterday's candle) with the target of 1.0983 - an 85.4% retracement level (presented in a blue dashed line). From this level, the price may continue to move upward with the target at the upper fractal 1.1020 (presented in a 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:
Today, the price may continue to move upward with the target of 1.0983 - an 85.4% pullback level (presented in a blue dashed line).
Another possible scenario is a downward trend from 1.0983 - an 85.4% pullback level (presented in a blue dashed line) with the target of 1.0928 - a 23.6% pullback level (presented in a red dashed line).
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