Trend analysis (Fig. 1).
Today, the market from the level of 1.1850 (closing of yesterday's daily candlestick) may continue to move upward with the goal of 1.1875, which is a 76.4% pullback level (blue dotted line). Upon testing this level, the price will continue to work upward with the target of 1.1920 - the upper fractal (red dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger bands - up
- Weekly chart - up
General conclusion:
Today, the price from the level of 1.1850 (closing yesterday's daily candlestick) can continue to move upward with the goal of 1.1875, which is a 76.4% pullback level (blue dotted line). Upon testing this level, the price will continue to work upward with the goal of 1.1920 - the upper fractal (red dotted line).
Unlikely scenario: when working upward, after reaching the 76.4% pullback level, which is 1.1875 (blue dotted line), the pair will work downward with the goal of 1.1798 - a pullback level of 38.2% (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com