Trend analysis (Fig. 1).
On Tuesday, the market from the level of 1.2059 (closing of yesterday's daily candle) will try to start moving up with the target of 1.2102 - the 76.4% retracement level (yellow dotted line). After testing this level, the price can continue to work upwards with a target of 1.2176 - the resistance level (blue bold line).
Figure 1 (Daily Chart).
Comprehensive analysis:
- Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - down
- Trend analysis - up
- Bollinger bands - down
- Weekly chart - down
General conclusion:
Today, the price from the level of 1.2059 (closing of yesterday's daily candle) will try to make an upward movement with the target of 1.2102 - the 76.4% retracement level (yellow dotted line). After testing this level, the price can continue to work upwards with a target of 1.2176 - the resistance level (blue bold line).
Unlikely scenario: the price from the level of 1.2059 (closing of yesterday's daily candle) will try to move up with the target of 1.2102 - the 76.4% retracement level (yellow dotted line). After testing this level, the market can continue to work downwards with a target of 1.1975 - the 50.0% retracement level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com