The pair traded upward on Friday but failed to reach the historical resistance level of 1.1912 (blue dotted line). Today, the price may resume its upward movement. No news is expected on the economic calendar.
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1849 (closing of Friday's daily candle) with the target at the historical resistance level of 1.1912 (blue dotted line). If this level is tested, the upward trend may continue with the next target at the upper fractal 1.2012 (red dotted line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion:
Today, the price may move upward with the target at the historical resistance level of 1.1912 (blue dotted line). If this level is tested, the upward trend may continue with the next target at the upper fractal 1.2012 (red dotted line).
Another possible scenario is after testing the historical resistance level of 1.1912 (blue dotted line), the price may move downward with the target of 1.1813 - a 23.6% pullback level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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