Trend analysis (Fig. 1).
On Wednesday, the upward trend is likely to extend from the closing rate of yesterday's daily candlestick - 1.3731. The price will try to reach 1.3826 - the upper border of the Bollinger Band (black dotted line). In case the price tests this level, the upward trend may continue to 1.3944 - the 85.4% retracement level (yellow dotted line).
Fig. 1 (Daily chart).
Complex analysis:
- indicator analysis - uptrend
- Fibonacci levels - uptrend
- volumes - uptrend
- candlestick analysis - uptrend
- trend analysis - uptrend
- Bollinger Bands- uptrend
- weekly chart - uptrend
General conclusion:
Today, the upward trend is likely to extend from the closing rate of yesterday's daily candlestick - 1.3731. The price will try to reach 1.3826 - the upper border of the Bollinger Band (black dotted line). In case the price tests this level, the upward trend may continue to 1.3944 - the 85.4% retracement level (yellow dotted line).
Alternatively: from1.3731- the closing rate of yesterday's daily candlestick - the price may go down to 1.3621 - the 21 period EMA (black thin line).
The material has been provided by InstaForex Company - www.instaforex.com