The pair traded in a side channel on Friday. Today, the price may resume its upward movement. Based on the economic calendar, euro news is expected at 12:45 UTC, and dollar news is expected at 14:00 UTC.
Trend analysis (Fig. 1).
The market may move upward from the level of 1.1842 (closing of Friday's daily candlestick) with the target at the historical resistance level 1.1912 (blue dotted line). If this line 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 1.1912 (blue dotted line). If this line is tested, the upward trend may continue with the next target at the upper fractal 1.2012 (red dotted line).
Another possible scenario: after testing the historical resistance level 1.1912 (blue dotted line), the price may begin to 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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