Trend analysis (Fig. 1)
Today, the market may continue to move upward from the level of 1.1772 (closing of yesterday's daily candle) with the target of 1.1813, a retracement level of 50.0% (red dotted line). The price, having tested this line, will continue to work upward with the target at 1.1833 - the upper fractal (blue dotted line). The upward trend continues.
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator Analysis - up
- Fibonacci Levels - up
- Volumes - up
- Candlestick Analysis - up
- Trend Analysis - up
- Bollinger Lines - up
- Weekly Chart - up
General conclusion:
Today, the price from the level of 1.1772 (closing of yesterday's daily candle) may continue to move upward with the target of 1.1813, the retracement level of 50.0% (red dotted line). The price, having tested this line, will continue to work upward with the target at 1.1833 - the upper fractal (blue dotted line).
Unlikely scenario: when working upwards, upon reaching the upper fractal - 1.1795 (candle from 19.10.2020) - working downwards, with the target at 1.1718 - the support line (red bold line).
The material has been provided by InstaForex Company - www.instaforex.com